Ripple CEO: Approval of XRP, Solana (SOL), Cardano (ADA) ETFs Is Inevitable

The cryptocurrency exchange-traded fund (ETF) landscape is expected to expand beyond Bitcoin and Ethereum, as many cryptocurrency communities advocate for ETFs for their preferred digital assets. Ethereum ETFs were recently approved, and a wave of comments calling for ETFs for XRP, Solana, Cardano, and more followed this approval.

Brad Garlinghouse, CEO of Ripple, also believes the ETF market will expand. Speaking at Consensus 2024 in Austin Texas, Garlinghouse shared his conviction that the approval of new ETFs is inevitable but expects a significant regulatory process. He views these hurdles as surmountable and emphasizes the potential benefits of such ETFs.

Brad Garlinghouse noted:

“I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana (SOL) ETF, there’s gonna be a Cardano (ADA) ETF, and that’s great.”

Read Also: Analyst Says $100 XRP Price Is Inevitable, Citing Certain Bitcoin Trends From 2010

A key factor influencing the recent progress of Ethereum ETFs appears to be the growing political influence of cryptocurrency. Industry figures suggest that crypto has become a relevant topic in upcoming elections, potentially pressuring regulators to address the asset class more definitively.

Former U.S. President Donald Trump has endorsed the crypto market and recently started accepting donations in crypto. Additionally, prominent pro-crypto figures like John Deaton are expected to break into government in key roles, like Deaton’s current run for the U.S. Senate.

What’s Next for the Crypto Market in the U.S.?

Garlinghouse is critical of the current regulatory environment in the U.S., particularly regarding the SEC’s stance on cryptocurrencies. He argues that the lack of clear regulations creates uncertainty for businesses and hinders innovation within the American crypto sector.

This criticism stems from the SEC’s approach to classifying cryptocurrencies as securities. Garlinghouse points out the inconsistency of applying the Howey Test, a decades-old legal framework, to the entirely novel asset class. He asserts that the SEC’s reliance on outdated regulations creates a barrier to progress and stifles the potential of the U.S. cryptocurrency market.

This lack of clarity is further exemplified by the SEC’s redacted documents about former official William Hinman’s 2018 speech which declared Ethereum was not a security.

The release of these documents, albeit with significant redactions, revealed extensive internal discussions within the SEC regarding the classification of Ether. This opacity surrounding the SEC’s decision-making process adds to the uncertainty plaguing the American crypto industry.

Read Also: Top Chartist Says His $27 XRP Price Prediction Is Inevitable, Indicates Likely Timeline On Chart 

The consequences of this unclear regulatory landscape are reflected in Ripple’s recent hiring trends. Garlinghouse revealed that the company has significantly increased its international recruitment efforts, with a substantial portion of its new hires coming from outside the U.S.

In September 2023, Garlinghouse revealed that Ripple would focus its 2024 hiring outside the U.S. in late 2023, and this shift shows that the company is focusing its operations on markets with clearer regulatory frameworks.

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