Sunday, June 23, 2024

Ripple CEO Predicts ETFs for XRP, Solana, Cardano After Bitcoin and Ethereum.

The CEO of Ripple anticipates that more cryptocurrency exchange-traded funds (ETFs) will be released in the future, building on the success of current bitcoin (BTC) ETFs and the development of ones intended to hold Ethereum’s ether (ETH).

He stated, “I think it’s just a matter of time, and it’s inevitable there’s going to be an ETF for XRP, Solana (SOL), and Cardano (ADA), and that’s great.” XRP and Ripple are closely related.

Recently, the U.S. Securities and Exchange Commission accepted important filings for ETFs, marking a rapid and unexpected advancement. They must receive final approval before they can start trading.

The approval of these ether ETFs, according to ARK Invest CEO Cathie Wood, occurred during Consensus because cryptocurrency has become an election topic.

Although there will be a lengthy regulatory review procedure before these are permitted, according to Garlinghouse, they will only be “speed bumps.”

Garlinghouse also lambasted Washington for what he sees as a lack of regulatory clarity.

“[SEC Chair] Gary Gensler has been called before Congress; he refuses to say whether or not ether is a security. He maintains, however, that the regulations are extremely clear and don’t require revision.

The SEC retained private correspondence and notes from William Hinman’s 2018 speech, in which he ruled that ether was not a security, in 2022.

After the SEC sued Ripple, access to these heavily redacted documents was granted, exposing lengthy internal SEC conversations regarding ether’s classification as a security.

According to Garlinghouse, the United States, the greatest economy in the world, represents the “bottom decile of regulatory clarity.”

Looking back to the Floridian origins of the Howey Test, [Gensler] somehow feels that the Orange Grove exams from 70–80 years ago provide unambiguous rules for crypto. It is a tragedy and a nonsensical move because the SEC’s position is now so politically damaging that it is influencing even the presidential contest.

Garlinghouse also revealed that, with large offices in London, Geneva, and Singapore, over 60% of Ripple’s hiring this year is from outside the United States, compared to 75% last year.

According to him, the hiring patterns show Ripple’s emphasis on customer locations and regulatory clarity.

He came to the conclusion that it is absolutely vital to get the regulatory stance in the US right.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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