Ripple CEO Brad Garlinghouse believes the approval of multiple Bitcoin exchange-traded funds (ETFs) in the US could pave the way for similar crypto investment products to be launched in 2024. There is.
busy Speaking to CNBC correspondent Arjun Karpal in Davos on January 16, Garlinghouse stopped short of definitively predicting that the XRP ETF would be approved by the U.S. Securities and Exchange Commission (SEC). I predict that Ethereum ETF will also be given the green light in the near future.
“I think that's for sure. I'm not going to give a timeline, but I think there will definitely be other ETFs,” Garlinghouse said at the Filecoin Sanctuary next to the World Economic Forum venue in the Swiss town. He said this in an interview with CNBC.
Ripple's CEO answered a series of questions focused on the SEC's approval of a high-profile Bitcoin ETF, despite regulator Chairman Gary Gensler's full support of Bitcoin. was.
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Garlinghouse criticized Gensler's regulatory approach, citing language suggesting that “the definition of insanity is doing the same thing over and over and expecting different results.”
“I think SEC Chairman Gary Gensler has a political responsibility in the United States. I don’t think he is acting in the best interest of the people. It’s not like I’m acting.”
Ripple's CEO also noted that the SEC is facing increasing pressure from the US judicial system regarding its regulatory approach to the crypto sector.
“The reality is that we have a Bitcoin ETF only because a U.S. court told the SEC that the application of the law is arbitrary and capricious. All ETFs are similar. It would be sad if we had to go through the motions and find Gary Gensler once again beaten up by the American court system, but it might be necessary,” Garlinghouse added.
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Ripple CEO Brad Garlinghouse believes the approval of multiple Bitcoin exchange-traded funds (ETFs) in the US could pave the way for similar crypto investment products to be launched in 2024. There is.
“I think the stablecoin market has surprised people in some ways in terms of solving a real need. I think it makes sense to have some regulatory clarity around that. think.”
As reported by Cointelegraph, Bitcoin ETFs generated $1.8 billion in total trading volume on January 16, with Grayscale, BlackRock, and Fidelity alone accounting for $1.6 billion. Bloomberg ETF analyst Eric Balchunas highlighted the stark contrast with the $450 million in trading volume for all 500 ETFs launching in the U.S. on the same day in 2023.
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