Ripple CEO Foresees Cryptocurrency ETF Boom
Ripple Labs' CEO, Brad Garlinghouse, foresees a future where various cryptocurrencies, drawing inspiration from Bitcoin (BTC), explore the avenue of spot ETFs.
In a recent discussion with CNBC, Garlinghouse confidently stated that it is inevitable for Ethereum (ETH) and other cryptocurrencies to pursue their own ETFs.
He asserted, “It’s practically guaranteed. I won’t specify a timeframe, but the emergence of additional ETFs is bound to happen. There’s a clear trajectory for that…”
Garlinghouse, however, highlighted the fact that the U.S. Securities and Exchange Commission (SEC) greenlit a BTC ETF only after external legal pressure, rather than through proactive decision-making. He expressed a hope that the regulatory path for other cryptocurrencies would not replicate the intricacies faced by Bitcoin.
A noteworthy point is that the approval for a Bitcoin ETF happened because a U.S. court intervened, questioning the SEC’s consistent application of regulations. It would be unfortunate if every cryptocurrency ETF had to navigate a similar process. Ideally, future regulatory processes will be more streamlined, especially post-Gary Gensler’s tenure at the SEC.
READ MORE: Altcoins Poised to Shine as Bitcoin Takes a Step Back
Ripple, under Garlinghouse’s leadership, has encountered various regulatory challenges. In a significant victory last year, a U.S. judge ruled that the sale of XRP tokens to retail customers did not fall under the category of a securities offering, marking a pivotal moment for Ripple Labs in its legal battles against the SEC.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
