According to CoinDesk, Brad Garlinghouse, the CEO of Ripple, has predicted the inevitable approval of exchange-traded funds (ETFs) for XRP, Solana, and Cardano, despite significant regulatory hurdles. He made these comments following the approval of spot bitcoin ETFs and progress on Ethereum's ether ETFs. Garlinghouse believes that the approval of these ETFs is just a matter of time.
Garlinghouse criticized the U.S. Securities and Exchange Commission (SEC) for its unclear crypto regulations, emphasizing the need for better regulatory clarity in the U.S. He expressed his frustration with the perceived lack of regulatory clarity from Washington, particularly from SEC Chair Gary Gensler. Garlinghouse pointed out that Gensler has been called to Congress and has refused to answer whether ether is a security, despite insisting that the rules are clear and do not need updating.
Garlinghouse also highlighted the recent progress of ether ETFs, which have seen key filings approved by the SEC. However, final approval is still required before they can begin trading. Cathie Wood, the CEO of ARK Invest, has also commented on these developments, stating that the approval of ether ETFs is due to crypto becoming an election issue.
Despite the regulatory challenges, Garlinghouse is optimistic about the future of crypto ETFs. He acknowledged that there will be a significant regulatory approval process, but he views these as 'speed bumps' rather than insurmountable obstacles.
Garlinghouse also discussed Ripple's hiring trends, revealing that 75% of the company's hiring last year was outside the U.S., and this year it's about 60%, with major offices in London, Geneva, and Singapore. These trends reflect Ripple's focus on regulatory clarity and customer locations. He concluded by emphasizing the importance of getting the regulatory posture right in the United States.