Bitrabo Editorial
In a recent statement at the Consensus 2024 conference, Brad Garlinghouse, the CEO of Ripple, expressed confidence in the upcoming approval of a spot XRP exchange-traded fund (ETF) in the United States. He also mentioned the possibility of spot ETFs for other major altcoins like Solana and Cardano. Garlinghouse’s comments come at a crucial time when regulatory perspectives on cryptocurrencies are evolving.
Ripple CEO’s Positive Outlook on Spot XRP ETF
Garlinghouse criticized the lack of regulatory clarity in the current US environment, particularly calling out the Securities and Exchange Commission (SEC) for its ambiguous policies. He highlighted the challenges arising from the SEC’s unclear classification of digital assets such as Ethereum. Despite these obstacles, the recent approval of multiple spot Ethereum ETFs by the SEC indicates a shift, hinting at a more flexible regulatory stance.
Garlinghouse expressed his belief that approval for XRP, Solana, and Cardano ETFs is inevitable, given the changing landscape. He acknowledged that the regulatory approval process might be rigorous but sees these challenges as temporary setbacks on the path to acceptance. The Ripple CEO also advocated against crypto maximalism and emphasized the unique strengths of each project, extending best wishes to crypto projects like Cardano and Solana.
The SEC’s recent approval of 19b-4 filings for Ethereum ETFs, with planned trading commencement in June, followed the successful launch of Bitcoin ETFs earlier this year. Industry experts, including Cathie Wood of Ark Invest, suggest that political pressure in light of the upcoming US presidential elections might have influenced these approvals.
In response to the changing regulatory landscape and growing demand, financial institutions like Standard Chartered predict that altcoins such as XRP and Solana could soon have their own ETFs in the US. Legislative initiatives like the FIT21 bill are aimed at providing more regulatory clarity in the crypto sector to accommodate these developments.
Garlinghouse highlighted the significance of regulatory alignment in the US, noting Ripple’s increased focus on hiring outside the country, particularly in regions with more favorable regulatory environments like London, Geneva, and Singapore.
As of the latest update, XRP is trading at $0.51947.