Ripple CEO: “Spot XRP, Cardano, Solana ETFs are ‘inevitable’”
At the ongoing Consensus 2024 conference, Ripple CEO Brad Garlinghouse has expressed strong confidence in the approval of a spot XRP exchange-traded fund (ETF) in the United States. He also believes that other important altcoins such as Solana and Cardano will also have a good chance. His statement comes at a crucial time as regulatory perspectives on crypto appear to be shifting.
Optimism about a spot XRP ETF
Garlinghouse criticized the current regulatory environment in the US for its lack of clarity, specifically taking aim at the Securities and Exchange Commission (SEC) for its opaque policies. He highlighted the challenges posed by the SEC’s reluctance to clearly classify digital assets, including Ethereum and others, as securities.
Inevitable development
Still, Garlinghouse noted that the SEC’s approval of multiple spot Ethereum ETFs marks a significant change, indicating a loosening of the agency’s previously rigid stance. “I think it’s only a matter of time, and it’s inevitable that there will be an XRP ETF, there will be a Solana ETF, there will be a Cardano ETF, and that’s great,” Garlinghouse said, adding reflects industry expectations of expanded crypto-based financial products.
Challenges on the road
Meanwhile, Garlinghouse acknowledged that the approval process for these ETFs will require significant regulatory attention, but he ultimately described these challenges as merely “speed bumps” on the road to approval. Ripple’s CEO also spoke out against “maximalism” in the crypto community, emphasizing that each project has its own strengths and niche. He explicitly wished other crypto heavyweights such as Cardano and Solana the best of luck.
Response from the crypto community
The Ripple CEO’s comments follow the recent surprise approval of 19b-4 applications for Ethereum ETFs by the SEC, which is expected to begin trading in June. This follows the successful launch of Bitcoin ETFs earlier in January, led by BlackRock’s iShares Bitcoin Trust, which has amassed $20 billion in assets under management.
Future prospects
Garlinghouse emphasized the importance of the right regulatory stance in the United Statesnoting that Ripple is increasingly hiring outside the US, with a focus on locations such as London, Geneva and Singapore, where regulatory frameworks are more favorable.
