Teucrium CEO Praises $XRP Army, Says Altcoin Has 'True Use Case'
He also criticized the Gensler SEC, calling it a "blocker" of new financial products
He said Teucrium believes $XRP has much promise as a utility token
XRP has been one of the most trending altcoins in recent months following Donald Trump's presidential victory and the succeeding applications for XRP exchange-traded funds (ETFs) that followed. According to Teucrium CEO Sal Gilbertie, the XRP Army has had a role to play in the positive developments.
In a Wednesday interview with Bloomberg TV, Gilbertie, who leads the Vermont-based investment adviser, lauded the XRP community's dedication and also talked about his expectations around the company's new offering, the Teucrium 2x Long Daily XRP ETF.
$XRP Army: A dedicated "cult"
When asked about who the new XRP ETF is for, Gilbertie was quick to say it's for the XRP community, dubbed as the XRP Army on X.
"I think the XRP community, they really are a bit of a cult. They are dedicated people, and rightfully so," he said of one of the most active crypto communities in the space over the years.
Explaining further on Teucrium's reasoning for launching an XRP ETF, he noted that there was "pent-up demand to tap into XRP in a more traditional, Wall Street wrapper."
He also noted how the product was designed for traders who have a short-term view of the crypto asset's price movement, primarily those who have a "one day view."
He went on to say that he expects a mix of institutional and retail investors adopting the token, but he expects that "sophisticated" traders will be interested in the product.
Gilbertie blasts old SEC
Aside from highlighting the dedication of the XRP community, Gilbertie also criticized the previous leadership at the U.S. Securities and Exchange Commission (SEC), calling the regulator under former SEC Chair Gary Gensler a "blocker."
"They acted literally as a blocker. The leadership in the SEC worked against the crypto industry," he said.
He did acknowledge the new leadership's openness to testing new products.
"The staff is really wonderful at the SEC," he said, adding how the new administration under then Acting Chair Mark Uyeda approved the fund swiftly because Teucrium "followed the rules."
"It's the leadership that matters," he said, explaining further how the new SEC who now has its official Chair Paul Atkins at the helm, knew when to raise issues regarding Teucrium's requests but also knew when to accept the investment adviser's reciprocal pushback.
Teucrium believes in $XRP's potential
Gilbertie also discussed how Teucrium views the XRP token, which was the native cryptocurrency of the XRP Ledger.
The company doesn't want to make any price predictions, but it does believe that XRP "is a coin that will have the most utility out there," and it has "a true use case."
When the CEO of Teucrium says $XRP has real utility and calls it the coin with the most use case...You don't argue.
You just listen. pic.twitter.com/rYtceQqfPn
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