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05/31/2024

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Ripple CEO Says XRP ETF is Inevitable along with Cardano and Solana

The Ripple CEO Brad Garlinghouse believes it is only a matter of time before an XRP ETF launches, alongside ETFs tracking Cardano and Solana. Garlinghouse made these remarks while speaking at the ongoing...

Ripple CEO Says XRP ETF is Inevitable along with Cardano and Solana

The Ripple CEO Brad Garlinghouse believes it is only a matter of time before an XRP ETF launches, alongside ETFs tracking Cardano and Solana.

Garlinghouse made these remarks while speaking at the ongoing Consensus 2024 held in Austin, Texas. The comments come at a time when Ripple’s age-long legal battle with the SEC is drawing to a conclusion, having recently slipped into the remedies phase

While XRP has been legally declared a non-security in the case, it remains entangled in the ongoing lawsuit, with recent arguments pointing to a case of price manipulation by Ripple. In addition, the SEC has also contended that assets like Solana and Cardano are unregistered securities in its cases against exchanges Coinbase and Binance. 

Ripple CEO Expects XRP ETF Approval

Despite this regulatory uncertainty surrounding the crypto industry, Garlinghouse is confident that the SEC will approve spot ETFs on Cardano, Solana, and XRP. In a broad context, the Ripple CEO suggested that he expects more crypto ETFs to launch following the approval of spot Ethereum ETFs and the launch of Bitcoin ETFs in January.

However, he acknowledged the regulatory hiccups that these products might face before they eventually secure approval, predicting the process of approval to be especially lengthy. This was observed with the spot Bitcoin ETFs, which the SEC rejected for months, and the spot Ethereum ETFs, which were delayed for an extended time.

Following the approval of 19b-4 filings on spot Ethereum ETFs, discussions have shifted to the next product in line to get approval. These discussions have especially centered on Solana, with some pointing to XRP. Members of the XRP community see no reason why a spot XRP ETF should not gain approval.

Garlinghouse Criticizes US Regulatory Stance on Crypto

Speaking further, Garlinghouse criticized the crypto regulatory environment in the United States. He pointed out that while SEC Chair Gary Gensler has not been able to place a label on Ethereum despite queries from Congress, he contends that the laws are clear and require no updates to accommodate the crypto market.

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According to the Ripple CEO, the Howey Test, developed in the 1946 Supreme Court case, has been the litmus test for the SEC, a move he deems inappropriate. He revealed that most of their new hires are now from outside the United States due to the regulatory concerns. However, it appears the regulatory stance is gradually changing.

Crypto Becomes Political

Recall that the U.S. SEC granted approval to 19b-4 ETF filings from eight issuers for their Ethereum ETFs on May 23. This approval was rather speedy and unexpected, considering the duration at which the agency had delayed a decision on the products. Cathie Wood, CEO of Ark Invest, argued that this speedy approval was political.

The broader cryptocurrency industry has perceived the Biden administration as adversarial, largely due to its policies and the SEC’s regulatory approach. However, with the presidential election nearing, the administration seems to be making efforts to engage the crypto community, particularly as GOP candidate Donald Trump gains traction among its members.

This shift in regulatory stance in the United States is evident in the House of Representatives passing the FIT21 bill to provide clarity in the industry and the repeal of SAB121, the SEC’s guidance on crypto custody, which the crypto industry has condemned.

Cathie Wood believes these moves are efforts toward gaining the favor of the crypto community. Notably, these efforts could ultimately result in the SEC granting approval to spot ETFs on other cryptocurrencies, a decision it would not have ordinarily made.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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