XRP, Cardano, Solana ETFs Are ‘Inevitable’, Says Ripple CEO
Ripple CEO Brad Garlinghouse voiced confidence in the approval of a spot XRP ETF in the US, along with prospective spot ETFs for Solana and Cardano, during the Consensus 2024 conference. His stance is crucial as crypto regulations change.
Ripple CEO Is Positive About Spot XRP ETF
Citing the Securities and Exchange Commission (SEC)'s unclear regulations, Garlinghouse questioned the US regulatory climate. “The US, being the world’s largest economy, falls into the bottom decile of regulatory clarity,” Garlinghouse said. He noted that the SEC's refusal to designate Ethereum and other digital assets as securities presents issues.
Despite these challenges, the SEC's approval of numerous spot Ethereum ETFs suggests a relaxation of its formerly hard position. “I think it's just a matter of time, and it's inevitable there's gonna be an XRP ETF, Solana ETF, Cardano ETF, and that's great,” Garlinghouse said, underscoring industry expectations of more crypto-based financial products.
Garlinghouse admitted that new ETFs would face significant regulatory scrutiny, but he called these hurdles “speed bumps” on the route to approval. The Ripple CEO also criticized crypto “maximalism” and stressed that each project has its own strengths and specialty. Crypto giants Cardano and Solana were also wished well.
The Ripple CEO's remarks follow the SEC's surprising acceptance of 19b-4 registrations for Ethereum ETFs, which are anticipated to trade in June. First launched in January, BlackRock's iShares Bitcoin Trust, which manages $20 billion, led the way.
Crypto's growing importance in the US presidential elections may have affected approvals, according to Ark Invest CEO Cathie Wood. Pro-crypto politicians want the SEC to approve additional tokens for ETFs
British multinational bank Standard Chartered and others have suggested that cryptocurrencies like XRP and Solana might soon have US ETFs due to rising demand and changing regulations.
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