Ripple CEO Brad Garlinghouse is optimistic that XRP, Cardano, and Solana will soon have their own exchange-traded funds (ETFs), as he shared his thoughts during the Consensus 2024 event in Austin, Texas. This announcement comes at a crucial time as Ripple’s legal battle with the SEC is nearing its end, with the case now in the remedies phase.
Despite XRP being legally declared a non-security, it remains entangled in the ongoing lawsuit, with recent allegations of price manipulation by Ripple. Furthermore, the SEC has claimed that Solana and Cardano are unregistered securities in its cases against Coinbase and Binance.
Garlinghouse believes that despite the regulatory uncertainties in the crypto industry, the SEC will eventually approve spot ETFs for Cardano, Solana, and XRP. He anticipates that more crypto ETFs will follow suit after spot Ethereum ETFs are approved and Bitcoin ETFs are launched in January. However, he acknowledges that these products may encounter regulatory obstacles before gaining approval, and the process may be lengthy, similar to the delays experienced with spot Bitcoin and Ethereum ETFs.
Following the approval of 19b-4 filings for spot Ethereum ETFs, discussions have shifted to the next product in line for approval, with Solana and XRP being the main contenders. The XRP community sees no reason why a spot XRP ETF should not be approved.
In addition to discussing ETFs, Garlinghouse criticized the regulatory environment in the United States, particularly the lack of clarity surrounding Ethereum. He believes that the existing laws are sufficient and do not require updates to accommodate the crypto market. He also revealed that Ripple has been hiring more employees from outside the United States due to regulatory concerns.
The regulatory stance in the United States appears to be shifting, as evidenced by the recent approval of Ethereum ETF filings and the passing of the FIT21 bill in the House of Representatives. These efforts are seen as a way for the Biden administration to engage with the crypto community, especially as GOP candidate Donald Trump gains support among its members. Cathie Wood, CEO of Ark Invest, believes that these changes in regulatory stance could lead to the SEC approving spot ETFs for other cryptocurrencies.
It is important to note that the views expressed in this article are the author’s personal opinions and should not be considered financial advice. Readers are advised to conduct their own research before making any investment decisions.
