GetBlock Magazine - What happened? The head of the fintech company Ripple, Brad Garlinghouse, believes that the emergence of exchange-traded funds (ETFs) based on the XRP token issued by his company, as well as other altcoins such as SOL and ADA, is only a matter of time. In his opinion, the admission of such products to the US market is inevitable after the approval of spot BTC-ETFs and significant progress in the approval of similar funds based on ETH.

Material CoinDesk

What else is known? At the same time, Garlinghouse criticized the US Securities and Exchange Commission (SEC) for the lack of clarity in regulating the digital asset sector.

The businessman noted that SEC head Gary Gensler, during a speech in Congress, could not answer the question of whether ETH is a security. At the same time, Gensler insists that the rules for stock markets from 80 years ago can be applied to cryptocurrencies without any modifications, Garlinghouse emphasized.

The SEC is responsible for reviewing applications to launch spot ETH-ETFs. Last week, it approved Form 19b-4 applications to change trading rules filed by stock exchanges that intend to list crypto funds. Now, to launch trading, the commission must also approve the applications of the investment companies issuing funds themselves to register new securities on Form S-1.

The businessman added that adequate regulation of the sector in the US is critical. He noted that last year, 75% of Ripple employees were located outside the United States; now this figure has dropped to 60%.