Ripple Labs CEO, Brad Garlinghouse stated that an XRP exchange-traded fund (ETF) is inevitable following the surge of interest in Bitcoin ETFs.
#Ripple CEO @bgarlinghouse Brad Garlinghouse: “A #XRP ETF is just simply inevitable.” Fox Business pic.twitter.com/oJAm5sCrWW
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) June 4, 2024
The cryptocurrency ETFs has gained traction since the approval of the first Bitcoin ETF, which saw $17 billion in inflows. Garlinghouse believes that this success sets a clear path for other digital assets like XRP to follow.
Several firms have already taken steps toward launching an XRP ETF. Bitwise was the first to file paperwork with the U.S. Securities and Exchange Commission (SEC), with Canary Capital following shortly after. Despite the SEC’s history of resistance to crypto ETFs, Garlinghouse remains confident that XRP will soon have its own ETF offering.
Ripple’s Legal Struggles with SEC and XRP’s Future
The legal dispute between Ripple and SEC is still ongoing since 2020 and has a defining influence on the company. The SEC accused Ripple of conducting unregistered sales of securities and, therefore, sued the firm based on this authority.
The policy was decided by a US District Judge on January 15,2023 when he declared that XRP was not a security when being sold to the end users but was considered a security when being sold to large financial institutions.
The SEC has sought to appeal some the aspects of this ruling with the intention of gaining further explanation. Nevertheless, Ripple has not been stagnant due to the ongoing legal case against it. Garlinghouse has opined on his twitter that the approval of an XRP ETF would lead to an increased demand for the token within the two categories of investors.
Despite the regulatory hurdles, Ripple remains focused on advancing its presence in the market. Garlinghouse’s confidence in the future of XRP ETFs stems from the growing demand for crypto products. He believes that the SEC will eventually approve these ETFs, as with Bitcoin.
Political Involvement of Ripple’s Leadership
Ripple’s leadership has been active in the political arena, supporting candidates who align with the company’s vision for the crypto industry. Brad Garlinghouse has openly endorsed pro-crypto lawyer John Deaton, who is running for a Senate seat in Massachusetts. Deaton has been a strong advocate for XRP holders and has represented them in various legal disputes, opposing the SEC’s stringent regulatory approach.
At the same time, Ripple co-founder and chairman Chris Larsen has taken a different political stance by supporting Vice President Kamala Harris.
BREAKING: @Ripple co-founder Chris Larsen supports Kamala Harris by donating $10M in #XRP. I think Chris Larsen is playing chess.What do you think? pic.twitter.com/x03Val2EHY
— JackTheRippler © (@RippleXrpie) October 22, 2024
Larsen has contributed nearly $9.9 million to Future Forward, a political action committee backing Harris’s presidential campaign. He has also made significant personal donations to Harris’s campaign, citing her understanding of innovation in the tech sector as a key reason for his support.
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