Despite these obstacles, the SEC's recent approval of some Ethereum-based spot Etf's marks a major change that signifies a softening of the agency's previously hardline stance. "I think it's just a matter of time and inevitably there will be XRP, Solana and Cardano ETFs, and that's great," Garlinghouse said, reflecting the cryptocurrency industry's broader expectations for a wider range of financial instruments.
At the same time, Garlinghouse acknowledged that the approval process for these ETFs will entail significant regulatory oversight, but ultimately called these challenges "barriers to approval. " The Ripple CEO also railed against the crypto community's "maximalism," emphasizing that each project has its own strengths and niche. He also wished good luck to other cryptocurrency heavyweights such as #Cardano and Solana.
It's worth noting that Ripple CEO's comments came amid the recent surprise approval by the US Securities and Exchange Commission of #StartInvestingInCrypto Etf 6b-19 application, which is scheduled to begin trading on May 4. This follows the successful launch of the May 200 #bitcoin ETF launched by BlackRock's iShares Bitcoin Trust, with assets under management reaching $1 billion.
Katie Wood, CEO of Ark Invest, recently noted that the endorsement of cryptocurrencies was likely influenced by their role as a key issue in the upcoming U. S. presidential election. The political implications of cryptocurrency regulation are becoming increasingly clear, with pro-cryptocurrency lawmakers asking the SEC to expand the scope of ETF approval to include other tokens.
In response to the growing demand and changing regulatory environment, British multinational bank Standard Chartered and others have predicted that #altcoins such as XRP and Solana could soon acquire their own ETFs in the United States. This sentiment has been bolstered by recent legislative efforts, such as the House of Representatives passing the #FIT21 bill, which aims to bring clarity to the crypto industry.
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