Ripple CEO Brad Garlinghouse plans XRP, Solana and Cardano ETFs amid Bitcoin and Ethereum approvals

May 31, 2024 1:57 a.m. | 2 minutes of reading

Brad GarlinghouseCEO of Ripplepredicted the advent of exchange-traded funds for XRP (CRYPTO: XRP), Solana (CRYPTO: GROUND), And Cardano (CRYPTO: ADA), following positive developments around Bitcoin (CRYPTO: BTC) And Ethereum (CRYPTO: ETH) Spot ETF.

What happened: Garlinghouse predicts that the creation of these ETFs is imminent and sees this as a positive trend during the Consensus 2024 event, as reported by Coindesk. He acknowledged a substantial regulatory approval process before these ETFs are approved, but he views these as mere “speed bumps.”

Ripple’s CEO expressed apprehension over the lack of regulatory clarity from Washington. He criticized the SEC chairman Gary Gensler for its ambiguity about whether Ether is a security, despite Gensler’s insistence that the rules are very clear and require no updating.

Garlinghouse also pointed out that the United States, despite being the world’s largest economy, is in the “bottom decile when it comes to regulatory clarity.” He stressed the need for the United States to take a good regulatory stance.

See also: EXCLUSIVE: Can BRETT become the Shiba Inu of grassroots blockchain?

Why is this important: Garlinghouse’s remarks follow similar optimism displayed by Ark Invest CEO Cathie Bois. Drink suggested that a Solana ETF could be approved soonalthough she wasn’t too enthusiastic about coin-focused funds.

Meanwhile, the asset investment giant BlackRock Inc. was getting closer to the launch of its first spot the Ethereum ETF.

Ripple’s relationship with the SEC has been strained, the company reject $2 billion fine and instead offering a $10 million settlement. This ongoing legal battle could impact the approval process for an XRP ETF.

Ripple’s opposition follows its notable victory in its long-running legal battle with the SEC last year, with a U.S. district judge ruling that the sale of XRP on public exchanges does not constitute an unregistered securities offering.

Price Action: At the time of writing, XRP was trading down 1% at $0.5204, according to data from Benzinga Pro./anik

Photo courtesy: Diamond visuals on Shutterstock.com

Read next: EXCLUSIVE: How blockchains are echoes of the early internet, but with built-in value

This story was generated using Benzinga Neuro and edited by Aniket Verma

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