Solana
Ripple CEO predicts ETFs for Ripple (XRP), Solana and Cardano (ADA)
- Ripple CEO predicts more crypto ETFs including Ripple, Solana and Cardano.
- Progress in Ethereum ETFs signals potential growth, but Garlinghouse criticizes SEC’s stance.
Brad Garlinghouse, CEO of Ripple, recently predicted the introduction of additional exchange-traded crypto funds (ETF) at the Consensus 2024 conference. Following the approval of spot Bitcoin (BTC) ETFs and the progress of Ethereum (ETH) ETFs, Garlinghouse believes that ETFs for Ripple (XRP), Solana (SOL) and Cardano (ADA ) are inevitable.
Garlinghouse said:
“I think it’s just a matter of time, and it’s inevitable that there will be an XRP ETF, there will be a Solana ETF (SOL), there will be a Cardano ETF (ADA), and so on. ‘is great.”
Recently, Ethereum ETF has made notable progress with key filings approved by the U.S. Securities and Exchange Commission (SEC). Although final approval is still pending, these advancements are seen as a positive sign for the broader cryptocurrency market.
Cathie Wood, CEO of ARK Invest, noted that the approval of ether ETFs indicates that crypto is becoming an election issue. Despite these promising developments, Garlinghouse warned that there would be a significant regulatory approval process for the new ETFs, although he saw them as “speed bumps” rather than major obstacles.
Ripple CEO Fights SEC Ambiguity
Garlinghouse expressed frustration with the lack of regulatory clarity from US authorities, particularly targeting SEC Chairman Gary Gensler. He criticized Gensler’s refusal to definitively classify ether as a security, although he insisted that existing regulations are clear.
In 2022, Ripple gained access to internal SEC documents, including emails and notes from William Hinman’s 2018 speech, which stated that ether was not a security. These documents revealed extensive internal debates over the status of ether, contradicting the SEC’s public position. Garlinghouse argued that relying on outdated regulatory frameworks, such as the Howey test, is not practical for modern cryptocurrencies.
Garlinghouse argued that the United States, the world’s largest economy, is slow to provide clear regulatory guidance. for the crypto industry. He remarked: “One way or another, [Gensler] believes that the Orange Grove tests from 70 to 80 years ago provide clear rules for cryptography,” referring to the Howey test. “This makes no sense and is a travesty because the SEC’s position has become a real political liability, even affecting the presidential race.”
Ripple Shifts Global Focus Amid U.S. Regulatory Hurdles
Reflecting on Ripple’s global operations, Garlinghouse noted a significant change in hiring practices due to regulatory challenges in the United States. In 2023, approximately 60% of Ripple’s hiring took place outside the United States, with major offices established in London, Geneva, and Singapore.
This trend highlights Ripple’s focus on regulatory clarity and strategic customer locations. “It is simply essential to have a good regulatory posture in place in the United States. » Garlinghouse emphasized, emphasizing the importance of clear and consistent regulations for the future growth and stability of the crypto industry.
Recent activities in the Ripple market have sparked discussions among investors. In just 24 hours, almost $40 million worth of Ripple (XRP) was transferred from Binance to an unknown wallet. According to Whale Alert, this included a large transaction of 50.7 million XRP and another transfer of 26.2 million XRP. Additionally, at the time of writing, XRP is currently trading at $0.5279 with a 24-hour rise of 2%.