The Ripple CEO Brad Garlinghouse recently spoke on the prospect of the market witnessing the launch of a spot XRP ETF amid the success of spot Bitcoin ETFs.
Garlinghouse’s latest remarks came in an interview at the Paris Blockchain Week, one of Europe’s largest blockchain events, which was held at the Carrousel du Louvre this year.
The prospect of a spot XRP ETF has been the subject of discussion among industry pundits following the launch of the Bitcoin-based products. Interestingly, U.S. asset managers have also filed to introduce spot Ethereum ETFs in the market, but this move currently faces potential turbulence.
While some Bitcoin maximalists would like to believe that the SEC could only approve spot Bitcoin ETFs, Garlinghouse emphasized at the Paris Blockchain Week that he thinks the U.S. market will witness the launch of ETFs tracking other crypto assets besides BTC.
👑‼️ JUST IN ➡️ BRAD GARLINGHOUSE AT THE PARIS BLOCKCHAIN WEEK ON A POTENTIAL #XRP #ETF➡️ "PEOPLE DON´T FULLY UNDERSTAND, THEY HAVEN´T REALLY PAID ATTENTION TO: IN THE UNITED STATES, THERE´S ONLY TWO CRYPTOS THAT HAVE REGULATORY CLARITY ➡️ BITCOIN AND BECAUSE OF THE FIGHT WE HAD… https://t.co/psB4wgntsE pic.twitter.com/DHaE90Dl2r
— XRP DROPZ (@DROPZXRP) April 9, 2024
The Crypto Basic reported in January that Garlinghouse noted that he would welcome a spot XRP ETF product. He said this while speaking in a Bloomberg interview, asserting that the launch of the product is “inevitable.”
The Ripple CEO recently reaffirmed his confidence amid current market conditions. “I think there will be other ETFs,” he disclosed. However, Garlinghouse emphasized that while these ETFs could emerge, it might take a long time before they hit the market.
Ripple CEO: SEC Could Delay ETF Launch
According to him, this projected delay will be due to the SEC’s aggressive stance. Notably, the securities regulator has continued to delay a decision on the multiple spot Ethereum ETF filings on its desk. In addition, reports suggest the SEC is looking to classify ETH as a security, a move which could potentially mitigate chances of the ETF approval.
With every other asset besides Bitcoin at risk of being labeled a security, Garlinghouse noted that in the United States, XRP has also attained legal clarity alongside Bitcoin. Essentially, this clarity boosts chances of XRP securing a spot ETF product over any other crypto asset.
However, some crypto commentators have argued that the SEC would not approve a spot XRP ETF as long as its legal case with Ripple lingers. Moreover, no asset manager has been bold enough to make a filing for the product, with sustained calls directed at BlackRock.
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