Home Coin news Ripple CEO Expects More Crypto ETF Approvals

Ripple CEO Expects More Crypto ETF Approvals

17 Jan, 2024 Coin news

Ripple CEO Expects More Crypto ETF Approvals

Ripple's CEO, Brad Garlinghouse, is optimistic that the U.S. approval of several Bitcoin exchange-traded funds (ETFs) will lead to the launch of comparable cryptocurrency investment products in 2024.

In a conversation with CNBC's Arjun Kharpal at the World Economic Forum in Davos, Switzerland, on January 16, Garlinghouse hinted at the potential approval of an Ether ETF by the U.S. Securities and Exchange Commission (SEC), though he did not explicitly predict the same for an XRP ETF.

“I think it’s a certainty. I’m not going to put a horizon on the time, but I think there will be other ETFs for sure,” Garlinghouse commented during the interview at the Filecoin Sanctuary, adjacent to the World Economic Forum site in Davos.

Garlinghouse addressed questions about the SEC’s notable approval of Bitcoin ETFs, notwithstanding the lack of direct support for Bitcoin from SEC chair Gary Gensler.

He expressed criticism of Gensler's regulatory methods, citing a saying that implies repeating the same actions and expecting different results is futile:

“I think the chair of the SEC, Gary Gensler, has become a political liability in the United States. I think he’s not acting in the best interests of the citizenry. He’s not acting in the best interest of the long-term growth of the economy.”

He also pointed out that the SEC has been under increasing scrutiny from the U.S. judicial system concerning its regulatory stance on cryptocurrencies:

“The reality is we have a Bitcoin ETF only because a U.S. court said to the SEC, ‘You’re being arbitrary and capricious in your application of the law.‘ What would be sad is if every ETF had to go through that same journey and for Gary Gensler to get smacked down by the U.S. court system again, but that might be necessary,” he added.

Garlinghouse remarked on the unexpected success of the stablecoin market in meeting a real demand and the necessity for clear regulations in this area, which he believes would benefit the entire industry.

On January 16, Bitcoin ETFs saw a total trading volume of $1.8 billion, with major players like Grayscale, BlackRock, and Fidelity contributing $1.6 billion of that amount.

Bloomberg ETF analyst Eric Balchunas pointed out the stark contrast with the $450 million trading volume generated by all 500 ETFs launched in the U.S. in 2023 on the same day.

Sources:

https://cointelegraph.com/news/ripple-ceo-expects-more-crypto-etf-approvals-davos-2024

https://blockchain.news/news/ripple-ceo-garlinghouse-foresees-ether-etf-approvalcritiques-secs-approach

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