Ripple’s CEO, Brad Garlinghouse, recently shared an intriguing quote from the XRP community that he considers his “all-time” favorite. The quote, which states, “Laugh now but one day XRP will power the world,” was displayed in a portrait that has been hanging on a wall in Garlinghouse’s house. He decided to share this quote with his followers on X, given the recent momentum in the market.
Speaking of market momentum, Garlinghouse also highlighted some significant developments in a separate X post. These include the SEC’s approval of multiple Ethereum ETFs and the passage of a pro-crypto legislation called the Financial Innovation and Technology for the 21st Century Act (FIT21) by the U.S. House of Representatives.
In an exciting turn of events, the SEC approved eight Ethereum spot-based ETF applications. These funds include iShares Ethereum Trust, Grayscale’s converted Ethereum Trust, VanEck Ethereum Trust, Franklin Ethereum ETF, ARK/21 Shares Ethereum ETF, Fidelity Ethereum Fund, Bitwise Ethereum ETF, and Invesco Galaxy Ethereum ETF. However, it is important to note that these funds will begin trading in the U.S. only after the SEC approves the S-1 documents filed by the asset managers, which could take up to five months or less, according to Bloomberg ETF analyst James Seyffart.
Following the approval of multiple Ethereum funds, members of the XRP community are optimistic that XRP will be the next crypto asset to secure a spot-based ETF approval from the SEC. This sentiment has been widely shared, and the “XRP ETF” hashtag has trended among the top topics on X.
However, there are concerns about how the ongoing SEC v. Ripple lawsuit could impact the chances of an XRP ETF going live. The lawsuit, which has been ongoing for several years, revolves around the regulatory status of XRP. While a New York Federal court ruled that XRP itself is not a security, it acknowledged that certain transactions involving the coin could be classified as such. The court specifically identified Ripple’s sales of XRP to institutional clients as investment contracts. Although the lawsuit is nearing its conclusion, with a final judgment expected this year, it remains uncertain whether the SEC will approve a spot-based ETF application for XRP.
It is essential to note that this article is for informational purposes only and should not be considered financial advice. The views expressed are the author’s personal opinions and do not necessarily reflect those of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.