31 May

During the ongoing Consensus 2024 conference, Ripple CEO Brad Garlinghouse conveyed optimism about the imminent approval of a spot XRP exchange-traded fund (ETF) in the United States. He also suggested the possibility of spot ETFs for other prominent altcoins such as Solana and Cardano. Garlinghouse's remarks are particularly noteworthy as regulatory attitudes toward cryptocurrencies appear to be evolving.

The CEO of Ripple is upbeat about a Spot XRP ETF

Garlinghouse attacked the Securities and Exchange Commission (SEC) in particular for its opaque regulations, pointing out that the current US regulatory framework lacks transparency. 

Garlinghouse said, "The US, as the largest economy in the world, falls into the bottom decile of regulatory clarity." He emphasized the difficulties caused by the SEC's unwillingness to categorize digital assets—such as Ethereum and others—clearly as securities.

Despite challenges, Ripple CEO Brad Garlinghouse expressed confidence in the eventual approval of spot XRP, Solana, and Cardano exchange-traded funds (ETFs) in the United States, following the recent SEC approval of multiple spot Ethereum ETFs. Garlinghouse described regulatory hurdles as temporary obstacles on the path to approval, emphasizing the industry's anticipation of expanded crypto-based financial products.

While acknowledging the rigorous regulatory scrutiny involved in the approval process, Garlinghouse characterized these challenges as minor "speed bumps." He advocated against crypto maximalism, highlighting the unique strengths and niches of each project, and wished success to other prominent cryptocurrencies like Cardano and Solana.

Garlinghouse's comments coincided with the SEC's unexpected approval of 19b-4 filings for Ethereum ETFs, expected to commence trading in June, following the earlier launch of Bitcoin ETFs by BlackRock's iShares Bitcoin Trust. The approvals are speculated to be influenced by crypto's increasing significance in US presidential elections, with pro-crypto lawmakers urging broader ETF approvals for other tokens.

Standard Chartered and other institutions have forecasted the imminent introduction of XRP and Solana ETFs in the US, supported by legislative efforts such as the FIT21 bill passed by the House of Representatives to provide clarity in the crypto industry.

Garlinghouse stressed the importance of favorable regulatory environments, noting Ripple's expansion outside the US to locations like London, Geneva, and Singapore.

May 2024, Cryptoniteuae

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