Spot XRP, Cardano, Solana ETFs Are ‘Inevitable’, Claims Ripple CEO

At
the
ongoing
Consensus
2024
conference,
Ripple
CEO
Brad
Garlinghouse

expressed
strong
confidence
in
the
approval
of
a
spot
XRP
exchange-traded
fund
(ETF)
in
the
United
States,
alongside
potential
spot
ETFs
for
other
major
altcoins
like
Solana
and
Cardano.
His
statement
comes
at
a
pivotal
time
as
regulatory
perspectives
on
crypto
seem
to
be
shifting.

Ripple
CEO
Is
Optimistic
About
A
Spot
XRP
ETF

Garlinghouse
criticized
the
current
US
regulatory
environment
for
its
lack
of
clarity,
specifically
targeting
the
Securities
and
Exchange
Commission
(SEC)
for
its
opaque
policies.
“The
US,
being
the
world’s
largest
economy,
falls
into
the
bottom
decile
of
regulatory
clarity,”
Garlinghouse
remarked.
He
highlighted
the
challenges
posed
by
the
SEC’s
reluctance
to
classify
digital
assets
clearly,
including
Ethereum
and
others
as
securities.

Despite
these
hurdles,
the
recent
approval
of
multiple
spot
Ethereum
ETFs
by
the
SEC
marks
a
significant
change,
suggesting
a
softening
of
the
agency’s
previously
rigid
stance.
“I
think
it’s
just
a
matter
of
time,
and
it’s
inevitable
there’s
gonna
be
an
XRP
ETF,
there’s
gonna
be
a
Solana
ETF,
there’s
gonna
be
a
Cardano
ETF,
and
that’s
great,”
said
Garlinghouse,
reflecting
a
broader
industry
anticipation
of
expanded
crypto-based
financial
products.

Meanwhile,
Garlinghouse
acknowledged
that
the
approval
process
for
these
ETFs
will
involve
considerable
regulatory
scrutiny,
but
he
ultimately
described
these
challenges
as
mere
“speed
bumps”
on
the
path
to
approval.
The
Ripple
CEO
also
spoke
out
against
“maximalism”
in
the
crypto
community
and
emphasized
that
each
project
has
its
own
strengths
and
niche.
He
expressly
wished
other
crypto
heavyweights
such
as
Cardano
and
Solana
the
best
of
luck.

Notably,
the
Ripple
CEO’s
comments
come
in
the
wake
of
the
SEC’s
recent
unexpected

approval
of
19b-4
filings
for
Ethereum
ETFs,
which
are
presumably
poised
to
begin
trading
in
June.
This
follows
the
successful
launch
of
Bitcoin
ETFs
earlier
in
January,
spearheaded
by
BlackRock’s
iShares
Bitcoin
Trust,
which
has

amassed
$20
billion in
assets
under
management.

Cathie
Wood,
CEO
of
Ark
Invest,
recently
noted
that
the
approvals
were
likely
influenced
by
crypto’s
emerging
role
as
a
significant
issue
in
the
upcoming

US
presidential
elections.
The
political
implications
of
crypto
regulation
have
become
more
pronounced,
with
pro-crypto
lawmakers
urging
the
SEC
to
broaden
its
ETF
approvals
to
include
other
tokens.

In
response
to
the
growing
demand
and
shifting
regulatory
environment,
British
multinational
bank
Standard
Chartered
and
others
have
also
predicted
that
altcoins
such
as
XRP
and
Solana
could
soon
have
their
own
ETFs
in
the
US.
This
sentiment
is
supported
by
recent
legislative
efforts,
such
as
the
passage
of
the

FIT21
bill
by
the
House
of
Representatives,
aimed
at
providing
more
clarity
in
the
crypto
industry.

Garlinghouse
emphasized
the
importance
of
getting
the
regulatory
posture
right
in
the
United
States,
noting
that
Ripple
has
increasingly
hired
outside
the
US,
focusing
on
locations
like
London,
Geneva,
and
Singapore,
where
regulatory
frameworks
are
more
favorable.

At
press
time,
XRP
traded
at
$0.51947.

Featured
image
from
Bloomberg,
chart
from
TradingView.com