Ripple CEO allows the possibility of the emergence of ETFs based on XRP, SOL, and ADA after the launch of ETH funds
Brad Garlinghouse believes that allowing such products into the US market is only a matter of time
31.05.2024 - 09:45
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What’s new? Brad Garlinghouse, the head of the fintech company Ripple, believes that the emergence of exchange-traded funds (ETFs) based on the XRP token issued by his company, as well as other altcoins such as SOL and ADA, is only a matter of time. In his opinion, the admission of such products to the US market is inevitable after the approval of spot BTC ETFs and significant progress in the approval of similar funds based on ETH.
What else is known? At the same time, Garlinghouse criticized the US Securities and Exchange Commission (SEC) for the lack of clarity in the regulation of the digital asset sector.
The businessman noted that SEC Gary chair Gensler in a speech to Congress could not answer the question of whether ETH is a security. At the same time, Gensler insists that the 80-year-old rules for stock markets can be applied to cryptocurrencies without any tweaks, Garlinghouse emphasized.
It is the SEC that reviews applications to launch spot ETH ETFs. Last week, it approved Form 19b-4 applications to change trading rules filed by stock exchanges that intend to list crypto funds. Now, to launch trading, the commission must also approve the fund issuing investment companies’ own Form S-1 applications to register new securities.
Grayscale has selected Coinbase as the ETH custodian for its spot ETF
The US exchange already holds 90% of assets under BTC ETF management
It is noted that progress on this issue accelerated after issuers removed the staking clause from their documents. Some analysts speculate that the SEC may treat ETH as a commodity, while staked ETH would already be classified as a security due to the possibility of rewards.
Garlinghouse believes the approval could take a long time, but it will eventually happen, after which funds based on other major altcoins will enter the market.
Standard Chartered expects SOL and XRP-based ETFs to be approved in 2025
The bank’s analyst also approved a prediction for ETH to grow to $8000 by the end of the year
The businessman added that adequate regulation of the sector in the US is crucial. He noted that last year 75% of Ripple’s employees were based outside the US, this figure has now dropped to 60%.
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