Bitcoin
‘It’s inevitable’ – Ripple CEO issues ‘critical’ XRP warning after Bitcoin and Ethereum ETF price surge
Bitcoin
Bitcoin
has soared, rising more than $70,000 per bitcoin as money continues to flow into Wall Street’s new bitcoin exchange-traded funds (ETFs) –triggering huge crypto prediction from Goldman Sachs.
Bitcoin Price Soared This Year, Boosting Broader Ethereum, XRP
XRP
and crypto market such as the Federal Reserve quietly “admits” that gold is replacing the US dollar and some are betting that bitcoin will benefit.
Ahead of Bitcoin’s latest bullish push, the chief executive of XRP developer Ripple said he believes a flood of crypto ETFs – including Ethereum, XRP, Solana and Cardano – are “inevitable”, but warned that regulation will be ” criticism”.
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Brad Garlinghouse, chief executive of XRP developer Ripple, warned that US regulation is “critical”… [+] for the future of XRP, bitcoin, ethereum and other cryptocurrencies after their price boom.
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“I think it’s just a matter of time and it’s inevitable that there will be an XRP ETF, that there will be a Solana ETF, that there will be a Cardano ETF, and that’s great,” said Ripple’s Brad Garlinghouse. he said on stage during Coindesk’s Consensus crypto conference in Austin, Texas.
However, regulatory clarity for bitcoin, ethereum, XRP and crypto is in the “bottom decile,” according to Garlinghouse. “Getting the regulatory posture right in the United States is simply critical.”
Ripple, along with major cryptocurrency exchange Coinbase and crypto asset manager Grayscale, have led a long-running cryptocurrency industry campaign to convince the U.S. Securities and Exchange Commission (SEC) to update its regulatory rulebook for cryptocurrencies.
Ripple could be facing a $2 billion fine from the SEC following its legal battle with the regulator, in which a judge ruled that it had illegally sold XRP to institutional investors.
“[It’s] It’s a sham because the SEC’s position has become a major political liability, even affecting the presidential race,” Garlinghouse said.
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The price of Ripple’s XRP has risen over the past year, but remains well below its all-time high… [+] even when bitcoin surpasses its previous high, pulling the price of ethereum with it.
Forbes Digital Assets
Crypto scored a major victory over the SEC last month when the regulator appeared to bow to political pressure and began the process of approving a handful of spot Ethereum ETFs.
Shark Tank billionaire Mark Cuban, an outspoken supporter of President Joe Biden, warned former US President Donald Trump that he could win the 2024 election due to Biden’s opposition to encryption.
Trump promised to make the US “the leader in the field” of encryption and warned Biden “he wants it to die a slow, painful death. That will never happen to me.”
“The SEC’s approval of a spot Ethereum ETF reflects the new energy and enthusiasm reverberating across the crypto investment markets,” said Myles Harrison, chief product officer at Switzerland-based crypto-focused Amina Bank, in comments by email. “It’s probably only a matter of time before we see more crypto ETFs on the market.”