As a researcher with a background in finance and cryptocurrencies, I find Brad Garlinghouse’s predictions about the future of spot crypto ETFs intriguing. His optimistic outlook on the approval process for XRP, Solana (SOL), and Cardano (ADA) is backed up by recent developments in the U.S. SEC’s approval process for spot Bitcoin and Ethereum ETFs.
At the Consensus 2024 conference in Austin, Texas on Thursday, Ripple‘s CEO, Brad Garlinghouse, expressed his views on the prospect of spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the US market.
Following the green light given by the Securities and Exchange Commission (SEC) for Bitcoin spot ETFs and progress towards Ethereum spot ETF approval in the United States, Garlinghouse anticipates a significant increase in approvals for similar products based on prominent altcoins.
I have come to the conviction that exchange-traded funds (ETFs) backed by Spot indices for XRP, Solana (SOL), and Cardano (ADA) are imminent. My perspective is, “The wait is almost over; it’s only a matter of time before we see an XRP ETF, a Solana ETF, and a Cardano ETF. This is an exciting development.”
The unexpected advancement of Ethereum ETF proposals, with 19b-4 filings recently granted SEC approval, signals a notable achievement in the crypto industry’s path to mainstream recognition. Although full approval has yet to be secured, this significant step comes amid increasing importance of cryptocurrencies as an election topic. Cathie Wood, ARK Invest CEO, emphasized during the conference that the anticipated approval of Ethereum ETFs was influenced by crypto’s rising influence on political agendas.
As an optimistic crypto investor, I acknowledge the progress being made in our industry, but I can’t ignore the significant regulatory challenges we still face. I view these hurdles as “speed bumps” on the road to wider adoption, suggesting that while they present obstacles, they are not insurmountable.
Garlinghouse voiced his discontent with the present regulatory landscape in Washington, specifically targeting what he perceives as ambiguity from the SEC regarding the classification of Ethereum as a security. He pointed out SEC Chair Gary Gensler’s hesitance to provide clarity on this issue despite his claims that current regulations are adequate and unambiguous.
According to Garlinghouse’s perspective, the U.S., being the largest economy in the world, performs poorly when it comes to regulatory certainty. He voiced his concerns over Gensler’s use of the Howey Test, a decades-old framework initially developed for traditional securities, to govern modern cryptocurrencies. Garlinghouse believed this method to be antiquated and politically complicated, potentially influencing the outcome of the presidential election.
Pondering over Ripple’s global approach, Garlinghouse pointed out that approximately 75% of Ripple’s workforce was hired outside the US last year, which now stands at 60%. The presence of Ripple’s key offices in London, Geneva, and Singapore underscores the company’s emphasis on areas with well-defined regulations and substantial customer bases.
Garlinghouse underscored the pivotal role of securing regulatory certainty in the US, stressing that this is indispensable for the industry’s expansion and key to Ripple’s long-term plans.
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2024-05-31 13:52