Ripple CEO Brad Garlinghouse recently discussed the U.S. Securities and Exchange Commission’s (SEC) potential of blocking the approval of spot XRP ETFs. The conversation followed two ETF filings, including those from Bitwise and Canary Capital, for XRP.
Ripple CEO on the Future of XRP ETFs
Garlinghouse expressed surprise at the timing of the ETF filings but not the outcome. He stated that ETFs for various cryptocurrencies were inevitable. “You’ll see Solana ETFs, you’ll see XRP ETFs,” he predicted in an interview with Tony Edward.
Garlinghouse believes that these ETFs are driven by market demand. He highlighted the popularity of Bitcoin ETFs and noted the potential for more capital to flow into XRP and the crypto market.
He referenced the success of the Bitcoin ETF, which attracted $19 billion, and predicted a similar trend for XRP ETFs. “I think that’s going to bring more capital into the XRP ecosystem, more capital into crypto,” he said.
Is SEC A Roadblock?
However, Garlinghouse also acknowledged the SEC as a significant obstacle to the approval of XRP ETFs. He suggested that the agency might be deliberately blocking applications. The Ripple CEO referenced the SEC’s early appeal following two XRP ETF applications and questioned whether this was a signal to the market.
Ripple CEO Brad Garlinghouse Tells All! RLUSD, XRP ETF, SEC, & IPO
WATCH ▶️ https://t.co/7mA2aksVOa
Topics:
– Vision for the #RLUSD Stablecoin
– #Stablecoin Regulations in the US & EU
– #XRP ETF filings and will the #SEC Block the XRP ETFs?
– Will #Ripple IPO in 2025?
-… pic.twitter.com/C0wbPNLPPr— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) October 17, 2024
“The SEC is acting outside of the law, period,” he stated. He also criticized the agency’s continued efforts to label XRP as a security despite a federal judge ruling that XRP is not.
Meanwhile, Edward pointed to inconsistency within the SEC itself. He mentioned Gurbir Grewal, former SEC Director of Enforcement, who recently stated the need for regulatory clarity by the Congress.
He noted Grewal’s previous position that the SEC already had the authority to regulate the market. “It’s strange… when I hear stories like that,” Garlinghouse remarked on this.
Garlinghouse also reflected on the broader U.S. regulatory environment for cryptocurrencies, criticizing the Biden administration’s approach. He cited his personal experience with being “debanked” and described the challenges many crypto companies face in securing bank accounts.
The Ripple CEO also argued that other financial markets, such as London, Tokyo, and Dubai, are more receptive to cryptocurrency innovations. Whilst, Ripple’s legal battle with the SEC has become a defining issue for the crypto industry.
Garlinghouse believes Ripple’s stance has inspired other crypto companies to push back against the SEC. He mentioned firms like Crypto.com and ConsenSys, which have also filed lawsuits against the agency. The SEC’s repeated losses in court cases have emboldened the crypto community, Garlinghouse suggested.
Garlinghouse criticized SEC Chair Gary Gensler, accusing him of trying to create laws that don’t exist. He also spotlighted that the SEC’s approach to crypto has been labeled a “disaster” by Commissioner Mark Uyeda.
Also Read: SEC Denies Dropping Ripple Appeal, CEO Brad Garlinghouse Reacts
Credit: Source link
