Solana
Ripple’s Brad Garlinghouse forecasts XRP, Solana and Cardano ETFs: 2024 consensus
-
Brad Garlinghouse predicts the inevitable approval of XRP, Solana and Cardano ETFs, despite significant regulatory hurdles.
-
Garlinghouse criticized the SEC’s unclear crypto regulations, highlighting the need for better regulatory clarity in the United States.
AUSTIN, TEXAS — More crypto exchange-traded funds (ETFs) are coming – following the approval of spot bitcoin {{BTC}} ETFs and progress on those designed to hold ether {{ETH}} d ‘Ethereum – predicts the CEO of Ripple.
“I think it’s just a matter of time, and it’s inevitable that there will be a XRP ETF, there will be a Solana ETF {{SOL}}, there will be a Cardano ETF {{ADA}}, and that’s great,” he said. Ripple is closely related to XRP.
Recently, ether ETFs have made abrupt and unexpected progress, key files being approved by the United States Securities and Exchange Commission. Final approval is required before you can start trading.
Cathie Wood, CEO of ARK Invest, also said at Consensus that these Ether ETFs have been approved because cryptography is now an electoral issue.
Garlinghouse said there will be a significant regulatory approval process before these are approved, but ultimately they will be “speed bumps.”
Garlinghouse also denounced what he perceives as a lack of regulatory clarity from Washington.
“[SEC Chair] Gary Gensler was 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 do not need to be updated,” he said.
In 2022, the SEC retained confidential emails and notes from William Hinman’s 2018 speech, which stated that ether was not a security. Ripple, sued by the SEC, gained access to these redacted documents, revealing numerous internal SEC discussions about the status of ether as a security.
The United States, the world’s largest economy, represents, according to Garlinghouse, the “bottom decile when it comes to regulatory clarity.”
“Either way, [Gensler] believes that the Orange Grove tests from 70 to 80 years ago provide clear rules for cryptography,” he said, referring to the Howey Test’s Florida Roots. “This makes no sense and is a travesty because the SEC’s position has become a real political liability, even affecting the presidential race.”
Garlinghouse also mentioned that last year, 75% of Ripple’s hiring took place outside the United States, and this year it represents around 60%, with major offices in London, Geneva and Singapore.
Hiring trends reflect Ripple’s focus on regulatory clarity and customer location, he said.
“It is simply essential to have a good regulatory posture in place in the United States,” he concluded.