Brad Garlinghouse predicts the exchange-traded funds will be a success. [ETFs] Solana, a cryptocurrency expert, explains why XRP is a good choice. [SOL]Cardano [ADA] The horizon is looming. Garlinghouse, speaking at the Consensus 2024 Conference, expressed his confidence that these ETFs will soon be available following the recent approval for spot Bitcoin [BTC] Ethereum [ETH] ETFs. ETFs. stated,
“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.”
Ripple is closely following regulatory developments. U.S. Securities and Exchange Commission has approved key filings for ether-based ETFs. [SEC] This indicates that the regulatory environment is changing. These ETFs need to be approved before trading can start. Cathie Wood from ARK Invest stated at the conference that this regulatory action was influenced by crypto’s status as an issue in elections.
Also Read: Ripple Hits Lowest RSI In History: Can XRP Hit $1 Soon?
The Regulatory Challenge
Garlinghouse noted that, despite the progress made by Ripple in this area, significant regulatory challenges remain. He described the challenges as “speed bumps” Eventually, this will be resolved. Garlinghouse has a primary concern about the regulatory uncertainty coming from Washington. Garlinghouse criticized SEC chair Gary Gensler, who did not state clearly whether ether was a security. Gensler claimed that current rules were clear and didn’t require updating.
The regulatory uncertainty is a result of history. SEC received criticism in 2022 after withholding notes and emails from William Hinman 2018 speech that declared ether to be a non-security. Ripple’s involvement in a lawsuit with the SEC allowed them to access these redacted documents. These revealed internal SEC discussion about ETH status.
Further, he took aim at the Howey Test – a measure that dates back decades – as a way to decide modern crypto regulation. He claims,
“Somehow, [Gensler] believes that the Orange Grove tests from 70-80 years ago provide clear rules for crypto. It makes no sense and is a travesty because the SEC’s stance has become such a political liability, affecting even the presidential race.”
Also Read: How High Could Ripple XRP Go If It Hits $3 Trillion Market Cap?
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Source: watcher.guru
