Ripple CEO Brad Garlinghouse ignited excitement with his bullish forecasts on May 30, particularly regarding the prospect of an XRP exchange-traded fund (ETF). Garlinghouse’s statements exuded confidence, suggesting that XRP and other altcoins could follow Ether’s footsteps in securing ETF approvals in the US.
At the Consensus 2024 conference, Ripple CEO Brad Garlinghouse declared that an XRP exchange-traded fund (ETF) in the US is “inevitable,” with Solana and Cardano ETFs likely to follow.
Spot Ether ETF Approval Sets Stage for XRP ETF
Ripple’s Brad Garlinghouse foresees XRP, Solana, & Cardano ETFs pic.twitter.com/xgI4plviUx
— Altcoin Daily (@AltcoinDailyio) May 31, 2024
Despite his optimistic outlook, Garlinghouse acknowledged the regulatory challenges ahead. He criticized the US Securities Exchange Commission (SEC) for the lack of clarity, particularly regarding Ether’s status as a security, with a recent court document showing that the SEC and its Chair Gary Gensler believed Ether was a security.
According to Garlinghouse, this ambiguity is a major obstacle to cryptocurrency innovation in the US. Garlinghouse’s comments about a potential XRP ETF follow the SEC’s recent approval of the Spot Ethereum ETF, suggesting a trend toward broader acceptance of digital assets within the regulatory framework.
BOOM!! APPROVED! There it is. The SEC just approved spot #Ethereum ETFs. What a turn of events. It’s really happening.
h/t @PhoenixTrades_ pic.twitter.com/KQ39mDyCbT
— James Seyffart (@JSeyff) May 23, 2024
This is not the first time Garlinghouse has confidently predicted the rise of altcoin ETFs. In February 2024, the Ripple boss revealed the prospects of XRP ETF. He drew parallels with the early days of the stock market, where diversification was key to managing risk.
He further expressed Ripple’s support for an XRP ETF.
“We would certainly welcome it,” he said. “And I think it’s inevitable that there’ll be, you know, multiple ETFs around different tokens.”
Meanwhile, Ripple’s CTO, David Schwartz, discussed the company’s latest moves in an exclusive interview with Cryptonews’ Rachel Wolfson at the Consensus 2024 event.
Schwartz detailed Ripple’s efforts to promote institutional DeFi and ensure regulatory-compliant operations on decentralized blockchains. He emphasized that these initiatives would integrate institutions with strict compliance needs into the DeFi ecosystem without compromising the core principles of decentralization.
@Ripple has partnered with the @Axl_Foundation to enhance interoperability on the XRP Ledger blockchain, focusing on advancing the tokenization of real-world assets.#CryptoNewshttps://t.co/pDvg6FzkSA
— Cryptonews.com (@cryptonews) February 27, 2024
Additionally, Ripple is advancing in tokenizing real-world assets, enabling them to be used as collateral in DeFi applications. The initiative seeks to merge the benefits of regulatory-compliant products with the flexibility of decentralized finance.
XRP ETF Approval Projections Backed by Standard Chartered Insights
Multinational bank Standard Chartered recently weighed in on the potential for Solana and Ripple’s XRP to secure ETF approval.
The bank’s analysts, including Geoffrey Kendric, believe such approval would likely not occur until 2025.
Standard Chartered analyst Geoffrey Kendrick predicts cryptos ETFs like $SOL and $XRP could be approved by 2025.
Approval of the $ETH ETF suggests $ETH and other similar cryptos will not be treated as securities. pic.twitter.com/ye7lsBK2un
— Ajay Kashyap (@EverythingAjay) May 25, 2024
In detail, Standard Chartered’s perspective is grounded in the broader regulatory environment and market conditions. Analyst Geoffrey Kendric emphasized that while there is growing interest and anticipation for XRP and SOL to achieve ETF status, the current regulatory space makes a 2024 approval unlikely.
Kendric noted that the market dynamics and regulatory hurdles mean that the focus for ETF approval will probably shift to 2025.
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