The C.E.O. of Ripple, Brad Garlinghouse, has stated that XRP, Solana (SOL), and Cardano (ADA) Exchange-Traded Funds (ETFs) will inevitably be approved. This audacious claim is being made amid continued regulatory scrutiny and rising interest in cryptocurrency ETFs.
During the Global Digital Assets Summit in New York, Garlinghouse boldly predicted that exchange-traded funds (ETFs) for popular altcoins like ADA, SOL, and XRP would soon receive regulatory approval.
He underlined that the main forces causing this inevitable development were the changing regulatory environment and the growing institutional desire for varied cryptocurrency investment choices.
According to Garlinghouse, “the momentum toward recognizing the constitutionality and value of digital assets is undeniable.” He added that “ETFs for Bitcoin are currently setting the precedent; it will not be long until we see comparable financial products for other prominent cryptocurrencies, like Cardano, Solana, and XRP.”
Garlinghouse Says Introduction of More Cryptocurrency ETF Creates Diversified Investment
Companies are filing more applications for ETFs incorporating other significant cryptocurrencies to give investors diversified portfolios representing the larger cryptocurrency market. Recent reports claim that institutional investment in digital assets has increased dramatically due to investors’ desire for alternative assets with better yields and benefits for diversification.
Detailing some of the attributes of the proposed digital assets, Garlinghouse stated that XRP, Solana, and Cardano also have distinctive characteristics and powerful communities that make them appealing to investors.
Cardano is commended for its rigorous scientific approach and emphasis on sustainability, Solana is recognized for its rapid transaction speeds and cheap prices, and XRP is known for its focus on effectively supporting cross-border payments.
Garlinghouse Says The Cryptocurrency Credibility Lies on Proper Regulation
Garlinghouse also assured that the development and credibility of the cryptocurrency business depend heavily on regulation. He also emphasized the significance of ongoing communication between regulators and business executives. In his words, “Cooperation is essential. To build a system that safeguards investors and fosters innovation, we must collaborate.”
Garlinghouse mentioned that the major factor influencing the growth of the Ethereum ETFs (and the rest of the cryptocurrency industry, by extension) can be linked to the growing activities in the political sector of the United States. This is because cryptocurrency has become a major topic among politicians who have dowelled in the lingering regulatory scrutiny by the SEC to address some specific issues surrounding it.
In his many campaign speeches, Donald Trump, the ex-United States president, has lauded cryptocurrency investors and the industry and has accepted campaign donations in cryptocurrency. However, in recent developments, Donald Trump’s campaign team has also revealed that it has received over $35 million in cryptocurrency and non-cryptocurrency donations worldwide.
Garlinghouse Faults SEC’s Inability to Apply Howey Test, Other Factors
Garlinghouse admitted that he’s aware of the recent development in the United States, especially as it concerns the political development and its effect on cryptocurrencies. He stressed that the absence of specific industry regulations is responsible for creating ongoing uncertainty in the cryptocurrency industry and will likely hinder future innovation in the United States cryptocurrency industry should it persist.
The Ripple boss recalled that the recent criticism against the SEC and its methodology is linked to its classifying cryptocurrencies as securities. He also accused the commission of inconsistent application of the Howey Test, a ten-year-old legal guideline to the unique asset class.
He claimed that the SEC’s insistence on old regulations obstructs progress and halts the innovative future of the United States cryptocurrency market. Garlinghouse further presented proof of his claim about the lack of clarity in SEC’s guidelines by pointing out William Hinman’s speech.
William Hinman, also a senior SEC official, in his speech in 2018, declared Ethereum as a nonsecurity. Garlinghouse, in 2023, disclosed that his company would shift its attention into employing staff outside the United States in 2024, an excise that commenced in late 2023. Stating reasons, he explained that they are trying to move into markets with more specific regulatory guidelines.
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