Solana
XRP, Solana and Cardano ETFs are inevitable, says Ripple CEO
Ripple CEO Brad Garlinghouse Predicts Exchange Traded Funds [ETFs] for cryptocurrencies like XRP, Solana [SOL]and Cardano [ADA] are on the horizon. Speaking at the Consensus 2024 conference, Garlinghouse expressed confidence that these ETFs would be available soon, following the recent approval of the Bitcoin spot. [BTC] and Ethereum [ETH] AND F. He declared,
“It’s only a matter of time, and it’s inevitable that there will be an XRP ETF, there will be a Solana [SOL] ETF, there is going to be a Cardano [ADA] ETF and it’s great.
Ripple, which has close ties to XRP, is closely monitoring regulatory developments. U.S. Securities and Exchange Commission Approval of Key Filings for Ether ETFs [SEC] indicates a changing regulatory landscape. However, these ETFs still need final approval before they can begin trading. Cathie Wood, CEO of ARK Invest, noted during the conference that crypto’s role as an election issue has influenced these regulatory measures.
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Regulatory challenges
Despite this progress, Ripple’s Garlinghouse stressed that significant regulatory hurdles remain. He described these challenges as “speed bumps” that will eventually be overcome. One of Garlinghouse’s main concerns is the lack of regulatory clarity from Washington. He criticized SEC Chairman Gary Gensler for not clearly stating whether ether was a security, even though Gensler says the current rules are clear and do not need to be updated.
This regulatory uncertainty has historical roots. In 2022, the SEC was criticized for withholding emails and notes from William Hinman’s 2018 speech, which stated that ether was not a security. Ripple, embroiled in a legal battle with the SEC, gained access to these redacted documents, revealing numerous internal SEC discussions about the status of ETH.
He further criticized the reliance on the Howey test, a decades-old measure to determine modern crypto regulations. He declares,
“Either way, [Gensler] believes that the Orange Grove tests from 70 to 80 years ago provide clear rules for cryptography. This makes no sense and constitutes a travesty, because the position of the SEC has become a real political liability, even affecting the presidential race.
Also Read: How High Could Ripple XRP Reach If It Reaches $3 Trillion Market Cap?