2024-6-7 23:21 |
Ripple CEO Brad Garlinghouse recently forecasted the inevitable approval of Spot Exchange-Traded Funds (ETFs) for XRP, Solana, and Cardano.
Speaking at this year’s Consensus conference in Austin, Texas, on Thursday, Garlinghouse outlined his conviction that the approval of ETFs for XRP, Solana, and Cardano is not a matter of if but when.
“I think it’s just a matter of time, and it’s inevitable there’s going to be an XRP ETF, there’s going to be a Solana (SOL) ETF, there’s going to be a Cardano (ADA) ETF, and that’s great,” Garlinghouse told the audience.
Despite facing formidable regulatory hurdles, the businessman remained optimistic about the future of these investment products, expressing hope for major regulatory changes before these products are approved.
Garlinghouse’s bullish stance on XRP ETFs is particularly noteworthy, given it echoes sentiments shared by financial institutions like Standard Chartered, which recently predicted an XRP ETF launch by 2025.
In his address, Garlinghouse also took aim at the Securities and Exchange Commission (SEC), criticizing the agency’s lack of regulatory clarity in the crypto space. He highlighted the need for clearer guidelines and classification of cryptocurrencies to foster innovation and investment in the United States.
“Gary Gensler has been called to Congress, and when asked if ether is a security, he won’t answer the question. Yet, he insists that the rules are very clear and don’t need updating,” said Garlinghouse.
Notably, the prospect of ETF approval also comes at a crucial juncture for Ripple, embroiled in a legal battle with the SEC over the classification of XRP. A favorable outcome in this legal dispute could pave the way for institutional adoption of XRP and serve as a catalyst for its price growth beyond current expectations.
Addressing a myriad of topics impacting Ripple and its XRP token during his speech at Paris Blockchain Week last month, Garlinghouse stressed the significance of diversification within the cryptocurrency market. He highlighted XRP’s unique regulatory landscape in the U.S., shaped by Ripple’s legal clash with the SEC, indicating favorable conditions for future financial products like ETFs.
Last week, the crypto mogul commended the recent developments in the crypto sphere, particularly the approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission, indicating a potential shift in sentiment towards cryptocurrencies among regulators.
“Big momentum in crypto this week – ETH ETF passed and bipartisan support on crypto legislation… Feels like hell has frozen over!!” wrote Garlinghouse.
That said, as the crypto industry awaits further regulatory developments, the eventual approval of ETFs, particularly for Ethereum, could open doors for these digital assets, unlocking new avenues for investment and broader market participation.
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