12th November 2025 > > Crypto Queen, spot XRP ETFs, & ETF staking.

tl;dr

The Crypto Queen goes down whilst the UK will needlessly splash the cash. Spot XRP ETFs are about to launch in the US, whilst staking within ETFs is now almost a done deal.

Market Snap

Market Wrap

The absence of Uptober, and the disappointing start to Moonvember, leaves crypto markets mostly directionless.

Occasional Series – Andrew Bailey, Governor of the Bank of England

Yesterday, the Bank of England held a two-minute silence at … 10.45 am … to remember VJ day.

Wrong time, wrong war.

Bailey must go.

Curious Cryptos’ Commentary – The so-called Crypto Queen

The architect of a huge Ponzi scheme targeting Chinese investors, Zhimin Qian, has been sentenced to eleven years in prison. I suspect she is delighted to serve her time in a UK jail rather than the hard labour many endure in more remote parts of China, which would more fitting to her crime.

The UK authorities have seized 61,000 BTC worth over $6bn which seems to me to be the ideal start to help build the UK’s strategic reserve of BTC. Oh, hang on, we won’t get around to doing that for many years, when the price of BTC will so much higher than today, another decision we will come to sorely regret.

Curious Cryptos’ Commentary – Spot XRP ETF

Canary Capital filed form 8A for the launch of a spot XRP ETF on Monday:

As the market for spot crypto ETFs broadens, allowing for greater choice and more meaningful diversification, the more that institutional investor appetite will grow. The launch of an ETF is just the starting point. We saw with the spot BTC ETFs, it takes a long while for new products to make it onto TradFi’s approved list. There are even some laggards within the investment industry who still to this day prevent their clients from investing in BTC, though that list will soon be whittled down to just one Luddite.

These slow-burning developments are ideal opportunities to get ahead of those investors and speculators who always arrive late to the party.

Curious Cryptos’ Commentary – Staking in spot crypto ETFs

Though not directly relevant to the spot XRP ETF, one of the key barriers preventing spot ETFs from staking coins has been removed:

https://www.irs.gov/pub/irs-drop/rp-25-31.pdf

Until now, ETFs that used their assets for staking were at risk of falling foul of a tax law that would likely lead them to being classified as a corporation, and thus suffering taxes on those staking rewards, increasing complexity, and reducing the returns for investors. The document above is a safe harbour which has the approval of Treasury Secretary Scott Bessent:

Consensys lawyer Bill Hughes approves too:

“(The guidance) transforms staking from a compliance risk into a tax-recognized, institutionally viable activity.”

Institutions spend much of their time worrying about compliance risks. With that threat removed, once all the ETH and SOL spot ETFs incorporate staking into the structure, they become much more attractive as an investment opportunity. Again, a slow-burning development, that will gradually increase demand over time.