Brad Garlinghouse, CEO of Ripple, has forecasted the advent of exchange-traded funds for XRP XRP/USD, Solana SOL/USD, and Cardano ADA/USD, following positive developments around Bitcoin BTC/USD and Ethereum ETH/USD spot ETFs.
What Happened: Garlinghouse anticipates that the establishment of these ETFs is imminent and views this as a positive trend at the Consensus 2024 Event, as reported by Coindesk. He acknowledged a substantial regulatory approval process ahead of these ETFs’ sanctioning, but considers these as mere “speed bumps.”
The Ripple CEO expressed his apprehension about the perceived absence of regulatory clarity from Washington. He criticized SEC Chair Gary Gensler for his ambiguity on whether Ether is a security, despite Gensler’s insistence that the rules are crystal clear and require no updates.
Garlinghouse also pointed out that the U.S., despite being the world’s largest economy, is in the “bottom decile of regulatory clarity.” He stressed the need for the U.S. to get its regulatory stance right.
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Why It Matters: Garlinghouse’s remarks come following similar optimism shown by Ark Invest CEO Cathie Wood. Wood suggested that a Solana ETF could be approved next, although she wasn’t too enthusiastic about meme coin-focused funds.
Meanwhile, asset investment giant BlackRock Inc. was inching closer to launching its first spot Ethereum ETF.
Ripple’s relationship with the SEC has been tense, with the company rejecting a $2 billion fine and proposing a $10 million settlement instead. This ongoing legal battle could impact the approval process for an XRP ETF.
Ripple's opposition comes following its notable victory in its protracted legal battle with the SEC last year, with a U.S. District Judge ruling that sale of XRP on public exchanges does not constitute unregistered securities offerings.
Price Action: At the time of writing, XRP was trading 1% lower at $0.5204, according to data from Benzinga Pro./anik
Photo Courtesy: Diamond Visuals On Shutterstock.com
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This story was generated using Benzinga Neuro and edited by Aniket Verma
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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