U.S.-based crypto companies continue to ignore Ripple following ongoing lawsuit.
The United States global markets company CME Group, which is planning to launch real-time metrics and reference rates for 11 cryptocurrencies, has excluded Ripple (XRP) from the list despite the token’s popularity in the cryptosphere.
Details of CME CF Crypto Reference Rates
The CME cryptocurrency real-time metrics for 11 cryptocurrencies will be calculated on a daily basis by CF Benchmark beginning April 25, 2022.
Prior to the announcement to add 11 new cryptocurrencies to the CME CF reference rates, the U.S.-based company already tracks the prices of Bitcoin (BTC) and Ethereum (ETH).
According to the Frequently Asked Question (FAQ) on CME, the cryptocurrencies that will be tracked include Bitcoin Cash (BCH), Cosmos (ATOM), Litecoin (LTC), Stellar Lumens (XLM), Chainlink (LINK), Cardano (ADA), Uniswap (UNI), Polygon (MATIC), Algorand (ALGO), Polkadot (DOT), and Solana (SOL).
Pros of the Tracker
It is worth noting that the CME CF cryptocurrency reference rate is an important feature that fosters institutional adoption of tokens and coins under coverage.
Starting April 25, 2022, each of the newly added cryptocurrencies will display the market price of the assets in the United States dollar at 4 PM London time daily.
Aside from tracking each cryptocurrency’s price at the CME CF reference rate, the supported digital currencies will also have regular expert oversight.
Reason for Ripple’s Exclusion
With these numerous benefits associated with the tool, it would be disheartening to the Ripple community to know that the XRP cryptocurrency is not included in the list.
However, the reason is not far-fetched given that Ripple is in the middle of a lawsuit with the United States Securities and Exchange Commission (SEC).
Recall that Ripple found itself in hot waters after the SEC charged the company and two of its executives for conducting an unregistered security offering in the United States that saw it raise $1.3 billion.
The charges prompted several U.S.-based cryptocurrency exchanges to halt XRP trading, forcing the price of the token to plummet.
Since Ripple is still facing a lawsuit with U.S. authorities, it is expected that companies based in the United States will continue to distance themselves from the cryptocurrency to avoid being scrutinized by the SEC.