Ripple’s CEO Confident in the Future of XRP ETF
- Brad Garlinghouse asserts that an XRP ETF is “inevitable” despite ongoing legal struggles.
- He highlights a staggering $17 billion influx into Bitcoin ETFs as evidence of substantial demand.
- Recent ETF filings by Bitwise and Canary Capital indicate rising interest in XRP investment options.
In a recent interview with Bloomberg, Ripple Labs’ CEO, Brad Garlinghouse, stated his firm belief that an XRP Exchange Traded Fund (ETF) is “just inevitable,” even amidst legal disputes with the U.S. Securities and Exchange Commission (SEC).
Significance of Bitcoin ETFs
Garlinghouse’s optimism comes on the heels of significant developments in the cryptocurrency ETF landscape, particularly following the successful launch of Bitcoin ETFs earlier this year.
He referred to the impressive $17 billion that has exploded into Bitcoin ETFs since their approval in January, which demonstrates the strong demand from both institutional players and retail investors seeking exposure to digital currencies.
Future ETF Approvals
With Ethereum potentially next in line for ETF approval, Garlinghouse is hopeful that XRP will not be far behind. He emphasized that growing ETF interest plays a vital role in enhancing Bitcoin’s market position and promoting broader adoption among institutional investors.
Growing Interest in XRP ETFs
Recently, Bitwise Asset Management made headlines as the first firm to file for an XRP ETF with the SEC, marking a crucial moment for the cryptocurrency, often regarded as the seventh largest by market cap.
Canary Capital Group soon followed this move, revealing their own XRP ETF filing, which showcases a rising interest in investment products based on XRP. Notably, Canary Capital also filed for an ETF focused on Litecoin.
Legal Challenges and Optimism
Despite facing ongoing legal challenges since 2020, when the SEC claimed that Ripple unlawfully sold XRP as an unregistered security, Garlinghouse maintains a positive outlook. A significant ruling last year stated that XRP qualifies as a security only in transactions with institutional investors, a decision the SEC is currently appealing.
Garlinghouse believes that the evolving regulatory landscape and the increasing popularity of crypto ETFs will ultimately facilitate XRP’s inclusion in these investment resources, further solidifying its position in the expanding digital asset market.
