9 months ago
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The Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse, has expressed a favorable stance on the prospects of an XRP Exchange Traded Fund (ETF), emphasizing the likelihood of more cryptocurrency ETFs entering the market in the future.
Ripple CEO Embraces XRP ETF Idea
In a recent interview with Bloomberg Television, Garlinghouse shared insights on the possibilities of an XRP ETF. When asked about his views on the potential launch of an XRP ETF and whether he would welcome such a development, Garlinghouse replied affirmatively, stating, “We would certainly welcome it.”
The Ripple CEO further solidified his response, asserting that the introduction of other cryptocurrency ETFs in the market was inevitable. He compared the evolution of the stock market to that of the ETF, highlighting the natural progression towards diversifying investment risks through the launch of new ETFs.
While Garlinghouse expressed strong conviction in the emergence of new ETFs, he also acknowledged a lack of knowledge of the timeline for this anticipated development.
Following the approval and launch of Spot Bitcoin ETFs, the speculation surrounding an XRP ETF quickly gained momentum, with numerous investors looking forward to a bullish breakout for XRP if an ETF was introduced. Moreover, in January, reports revealed that institutional inflows into XRP surged over 240% amid the heightened XRP ETF speculation.
Despite the positive sentiment generated from these ETF rumors, Garlinghouse has refrained from making any official statements confirming the launch of an XRP ETF. However, several crypto analysts have predicted that an XRP ETF is unlikely to be approved in 2024, citing the present legal challenges Ripple faces with the United States Securities and Exchange Commission (SEC).
Garlinghouse Stresses Need For Better Clarity
During his interview on Bloomberg TV, Garlinghouse expressed his views on the current cryptocurrency regulatory landscape and the SEC’s recent actions toward regulating these digital assets. He disclosed that Ripple had consistently advocated for enhanced regulatory clarity before the US SEC filed a lawsuit against the company.
The Ripple CEO further underscored the positive effects the legal battle has generated, including pushing other countries to diligently address cryptocurrencies and determine the most appropriate methods to regulate and develop them.
Observing the SEC’s role in regulating cryptocurrencies, Garlinghouse highlighted numerous setbacks faced by the agency. The Ripple CEO outlined significant defeats, including the SEC begrudging approval of Spot Bitcoin ETFs, Grayscale’s recent legal victory, and the dismissal of the lawsuit against Ripple co-founder Chris Larsen and Garlinghouse himself.
In response to these developments, the Ripple CEO has emphasized the need for better regulatory measures and more effective enforcement approaches towards cryptocurrencies.
Featured image from CryptoRank, chart from Tradingview.com
