Ripple CEO Brad Garlinghouse has given a subtle indication to the XRP Army that XRP may be the next cryptocurrency exchange-traded fund (ETF) following the approval of Ethereum spot ETFs. Garlinghouse hinted at this possibility in response to a comment on his post celebrating the recent authorization of Ethereum spot ETFs. Notably, the U.S. regulator approved eight Ethereum spot ETFs, including applications from BlackRock, Grayscale, VanEck, and Fidelity, on Thursday.
Taking to X, Garlinghouse reflected on the significance of the Securities and Exchange Commission’s (SEC) approval and the passing of the FIT21 crypto bill. He described these events as momentous for the industry, comparing them to a “hell freezes over” moment.
In response to Garlinghouse’s remark, three XRP enthusiasts suggested that an XRP spot ETF should follow the Ethereum-based ETFs. Interestingly, Garlinghouse endorsed these suggestions by liking them. Prominent XRP community pundit Zach Rector highlighted this development in a post on X, noting that it aligns with Garlinghouse’s previous comments that 2024 “will be big” for XRP.
During an interview in February, Garlinghouse emphasized the inevitability of an XRP spot ETF, stating that such an investment product is important for diversification purposes. However, he declined to provide a definitive answer when asked about working with asset managers like BlackRock to get an XRP ETF listed, citing regulatory challenges.
Despite Garlinghouse’s optimism about the prospect of an XRP ETF, he refrains from speculating on the timing, acknowledging the regulatory hurdles. Other industry experts, such as Sean McBride, Ripple’s former director, have suggested that an XRP ETF may emerge by 2025.
On the other hand, ETF analysts like Bloomberg’s James Seyffart have a different perspective. Seyffart believes that Solana (SOL) is the most likely candidate for a spot ETF after Ethereum, given its more prominent market position and appeal. However, he cautions that a Solana ETF may not materialize until 2026, depending on the establishment of a Commodity Futures Trading Commission (CFTC)-regulated futures market. He also notes that the SEC’s view of SOL as a security could complicate matters.
Regarding XRP, its ETF prospects are considered more distant, contingent upon the resolution of Ripple’s SEC lawsuit and further regulatory developments.
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