• 19 June, 2024
Market News News

Ripple CEO Predicts Imminent Launch of XRP, Solana, and Cardano ETFs

Ripple CEO Brad Garlinghouse believes that ETFs for XRP, Solana, and Cardano will eventually be permitted. Garlinghouse criticized the Securities and Exchange Commission (SEC) for it’s unclear cryptocurrency restrictions, stating that the U.S. requires greater regulatory clarity.

Brad Garlinghouse Expects XRP Approval

Garlinghouse is confident that the SEC would allow spot ETFs on Cardano, Solana, and XRP despite regulatory uncertainty in the crypto market. He anticipates that more cryptocurrency ETFs will be launched following the approval of spot Ethereum and Bitcoin ETFs in January.

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However, he conceded that regulatory difficulties may exist before acceptance, as seen with spot Bitcoin and Ethereum ETFs. The discussions have switched to the next product for approval on Solana and XRP. The XRP community strongly believes a spot XRP ETF should be allowed in clearance.

Garlinghouse stated that as the world’s largest economy, the United States stands in “the bottom tenth percentile” in terms of regulatory transparency. He also stated that 75% of Ripple’s hiring last year was outside of the United States, while this year, it is about 60%, with key operations in London, Geneva, and Singapore. These hiring patterns demonstrate Ripple’s emphasis on regulatory certainty and client location.

Garlinghouse Criticized U.S. Regulations

Garlinghouse went on to critique the U.S. cryptocurrency regulatory landscape. He stated that, despite congressional inquiries, SEC Chair Gary Gensler has been unable to explain Ethereum’s status.

According to the Ripple CEO, the Howey Test, devised in a 1946 Supreme Court case, has served as the SEC’s litmus test, which he believes is unsuitable. Due to regulatory concerns, he disclosed that most of their new personnel come from outside the United States. However, it appears that the regulatory posture is increasingly shifting.

Standard Chartered Comments on XRP Approval

Standard Chartered believes Solana and Ripple’s XRP might be the next hot ETFs. However, economist Geoffrey Kendric observes that this will most likely not occur until 2025.

Following the acceptance of a milestone file, industry experts are speculating which cryptocurrency will be next. Standard Chartered says Solana or Ripple’s XRP may be the next possibility, but not until 2025.

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