TL;DR
- Brad Garlinghouse, CEO of Ripple, expressed optimism about the approval of XRP, Solana, and Cardano ETFs in the United States.
- He criticized the SEC’s lack of regulatory clarity, claiming it is hindering the progress of the crypto sector in the country.
- The recent approval of Ethereum ETFs suggests a positive change in regulatory stance, with significant implications for the future of cryptocurrencies in the US.
At the Consensus 2024 conference, Brad Garlinghouse, CEO of Ripple, was very optimistic about the approval of an XRP ETF in the United States. Garlinghouse also mentioned the possibility of other cryptocurrency ETFs like Solana and Cardano being approved soon.
Garlinghouse was very critical of the current regulatory environment in the United States, especially the lack of clarity provided by the Securities and Exchange Commission (SEC). According to the Ripple CEO, the SEC’s ambiguity regarding the classification of digital assets, including Ethereum, is hindering the sector’s progress. “The United States, being the world’s largest economy, is in the bottom decile in terms of regulatory clarity,” stated Brad.
Despite the challenging context, the recent approval of several Ethereum ETFs represents an important shift. It suggests that some regulations might begin to relax. Garlinghouse was confident. “It’s just a matter of time, it’s inevitable that there will be an XRP ETF, a Solana ETF, and a Cardano ETF, and that’s a good thing,” he declared.
Is Ripple (XRP) a Candidate for an ETF?
On the other hand, the Ripple CEO acknowledged that the approval process for these ETFs will involve considerable regulatory scrutiny. However, he described these challenges as mere “speed bumps” on the path to approval. He also spoke out against “maximalism” within the crypto community, emphasizing that each project has its own strengths and specific niches.
Regarding the political context, figures like Cathie Wood, CEO of Ark Invest, have noted that the green light for ETFs could be influenced by the growing role of cryptocurrencies in the upcoming US presidential elections. Crypto regulation is becoming an important issue in the American debate.
In response to the growing demand and changing regulatory environment, institutions like the British bank Standard Chartered have predicted that altcoins like XRP and Solana could soon have their own ETFs in the United States.
Garlinghouse emphasized the importance of properly adjusting the regulatory stance in the United States. Ripple has increased its hiring outside the country, focusing on locations such as London, Geneva, and Singapore, where regulatory frameworks are more favorable.
