In a recent interview with “Bloomberg Crypto,” Ripple CEO Brad Garlinghouse shared his perspectives on the potential for an XRP Exchange Traded Fund (ETF), the crypto regulatory environment, and Ripple’s strategy in the evolving digital asset space. With the crypto community still buzzing from the SEC’s recent approval of a spot Bitcoin ETF, speculation has been rife about what could be next for other major cryptocurrencies.
Garlinghouse expressed strong enthusiasm for the concept of an XRP ETF, positioning it as a natural evolution in the diversification and maturation of the cryptocurrency investment landscape. “I think it only makes sense,” he stated, drawing parallels to the early days of the stock market where diversification was not just a strategy but a necessity for managing investment risk.
“There will be other ETFs… And so I think we will see other ETFs; when we will see them is hard to predict,” Garlinghouse added, underscoring the inevitability of such financial products in the cryptocurrency space.
The Ripple CEO did not shy away from critiquing the SEC’s historical hesitance, pointing out that the approval for a Bitcoin ETF came only after significant legal pressure. “The sad reality of what we saw with the Bitcoin ETF is it was only because the courts forced the SEC’s hand and really chaired Gensler’s hand that we saw that finally come to fruition,” Garlinghouse remarked.
He sees the development of cryptocurrency ETFs as beneficial for the market, enhancing safety and robustness. “It makes these markets safer. It makes them more robust. And so this is good for the investment community to kind of lean into that,” he emphasized, signaling a positive outlook for the investment community with the advent of more cryptocurrency ETFs.
When probed about potential discussions with major issuers, such as BlackRock, regarding an XRP ETF, Garlinghouse maintained a level of discretion. “Well, I’m not going to comment on that,” he deflected, while also noting BlackRock’s public statements on the matter.
Despite this reticence, he highlighted the broader significance of an XRP ETF for the entire XRP community and Ripple’s pivotal role within this ecosystem. Garlinghouse stressed Ripple’s commitment to creating real-world utility for XRP, especially in the domain of payments, where its efficiency and low transaction costs stand out.
When asked if he would welcome an XRP ETF, Garlinghouse stated, “We would certainly welcome it. I think it’s inevitable that there’ll be multiple ETFs around different tokens.” He further speculated, “I think you’ll even see ETFs potentially around baskets that also I think further diversify that risk,” envisioning a future where ETFs could encompass individual cryptocurrencies or a basket of assets, thereby spreading investment risk more effectively.
🚨 BREAKING: RIPPLE & BLACKROCK CREATING $XRP ETF !?! CEO DROPS A BOMBSHELL ON BLOOMBERG CRYPTO🚨📈
Ripple CEO, Brad Garlinghouse, hints at a game-changing connection between BlackRock and Ripple launching an XRP ETF in the USA 🇺🇸 …
Stating: “I think it makes sense for the… pic.twitter.com/MyC6R2Ld78
— Good Morning Crypto (@3TGMCrypto) February 20, 2024
At press time, the XRP price was hovering just above the crucial support of the 0.618 Fibonacci level, trading at $0.55253.
XRP price, 1-day chart | Source: XRPUSD on TradingView.com Featured image from YouTube/ Bloomberg Television, chart from TradingView.com
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Jake Simmons Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin’s financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.