At the ongoing Consensus 2024 conference, Ripple CEO Brad Garlinghouse said I expressed Strong confidence in the approval of the XRP spot exchange-traded fund (ETF) in the US, along with potential spot ETFs for other major altcoins such as Solana and Cardano. His statement comes at a pivotal time as regulatory views on cryptocurrencies appear to be changing.
Ripple CEO bullish on XRP spot investment fund
Garlinghouse criticized the current regulatory environment in the United States for its lack of clarity, specifically targeting the Securities and Exchange Commission (SEC) for its ambiguous policies. “The United States, as the world's largest economy, is at the bottom of the quartile in terms of regulatory clarity,” Garlinghouse noted. He highlighted the challenges posed by the SEC's reluctance to clearly classify digital assets, including Ethereum and others, as securities.
Despite these hurdles, the recent approval of several Ethereum ETFs by the SEC represents a significant change, signaling a softening of the agency's previously strict stance. “I think it's just a matter of time, and it's inevitable that there's going to be an XRP ETF, there's going to be a Solana ETF, there's going to be a Cardano ETF, and that's great,” Garlinghouse said, reflecting the broader industry's expectations for expanded cryptocurrencies. – Existing financial products.
Meanwhile, Garlinghouse acknowledged that the approval process for these ETFs would involve significant regulatory scrutiny, but ultimately described these challenges as merely “speed bumps” on the approval road. The Ripple CEO also spoke out against “maximum” in the cryptocurrency community and stressed that each project has its own strengths and niche. He explicitly wished good luck to other cryptocurrency companies like Cardano and Solana.
Notably, the Ripple CEO's comments come on the heels of the SEC's recent unexpected approval of 19b-4 filings for Ethereum ETFs, which are supposed to begin trading in June. This follows the successful launch of Bitcoin ETFs earlier in January, led by BlackRock's iShares Bitcoin Trust, which amassed $20 billion in assets under management.
Cathie Wood, CEO of Ark Invest, recently noted that the approvals are likely to be influenced by the emerging role of cryptocurrencies as an important issue in the upcoming US presidential election. The political implications of cryptocurrency regulation are becoming clearer, with pro-crypto lawmakers urging the SEC to expand the scope of ETF approvals to include other tokens.
In response to growing demand and the changing regulatory environment, British multinational bank Standard Chartered and others have also predicted that altcoins like XRP and Solana could soon have their own ETFs in the US. This sentiment is supported by recent legislative efforts, such as the House’s passage of the FIT21 bill, which aims to provide more clarity in the cryptocurrency industry.
Garlinghouse stressed the importance of getting the regulatory stance right in the US, noting that Ripple has increasingly been hiring outside the US, focusing on locations like London, Geneva and Singapore, where regulatory frameworks are more favorable.
At press time, XRP was trading at $0.51947.
Featured image from Bloomberg, chart from TradingView.com
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