- Ripple’s CEO criticized the SEC and called for clear U.S crypto regulations.
Many expect the likes of Solana and XRP to soon join the crypto-ETF bandwagon
As a seasoned crypto investor with a keen interest in the industry’s regulatory landscape, I find Ripple’s recent moves and Brad Garlinghouse’s comments particularly noteworthy. The ongoing debate around crypto regulations in the United States has been a topic of great concern for many investors like myself.
With Ethereum [ETH] ETFs recently gaining SEC approval, there’s been much discussion about the organization’s shifting stance on cryptocurrency. However, President Joe Biden’s decision to uphold the SEC’s SAB 121 policy leaves the future uncertain.
Ripple’s step towards crypto-adoption
As a researcher studying the cryptocurrency market, I’ve observed the obstacles and criticisms faced by Ripple in their crypto and blockchain initiatives. However, their recent $25 million investment in Fairshake serves as a testament to their unwavering commitment to driving crypto and blockchain adoption forward.
In a recent interview at Consensus 2024, Brad Garlinghouse, the CEO of Ripple, pondered over the topic and shared his thoughts.
The US needs a favorable policy and regulatory landscape for cryptocurrencies to maintain competitiveness. Unfortunately, actions from the SEC and Gensler have introduced uncertainty with conflicting lawsuits at times.
As a researcher studying the intersection of politics and finance, I’ve observed Garlinghouse making it clear that outdated political stances may face rejection in today’s dynamic financial sector, which now encompasses cryptocurrencies.
Is an XRP ETF on the horizon?
Garlinghouse continued by exploring the possibility of creating an Exchange-Traded Fund (ETF) for notable cryptocurrencies like Solana (SOL), Cardano (ADA), and XRP.
According to the exec,
It’s only a question of when, and I firmly believe that we will eventually see an XRP-based ETF, a Solana ETF, and a Cardano ETF. This is exciting news.
Garlinghouse isn’t alone in voicing this idea; more recently, Brian Kelly of CNBC’s “Fast Money” triggered a discussion about X when he proposed that Solana (SOL) could potentially be the next US cryptocurrency to secure a spot Exchange-Traded Fund (ETF).
Cathie Wood, the CEO of ARK Invest, expressed a comparable viewpoint when she pointed out that the green light for Ether ETFs makes cryptocurrency a topic of debate in elections.
Crypto’s role in U.S elections
As a researcher studying the cryptocurrency landscape, I can say that recent advancements notwithstanding the SEC’s aggressive stance, the United States has made significant strides towards widespread crypto adoption. Particularly pertinent to this discussion is the upcoming presidential elections where digital currencies may play a more prominent role than ever before.
In fact, Garlinghouse agreed with what Wood said as he claimed,
“Seeing crypto becoming a presidential topic isn’t a surprise for me.”
Ripple’s CEO holds strong views beyond just politics, expressing concern over the SEC’s perceived unfairness towards the crypto industry. He specifically criticizes Chairman Gensler’s regulatory approach, which he believes is misguided. Furthermore, the CEO emphasizes that the absence of clear regulations in the US presents a substantial challenge for both institutions and individuals looking to enter the rapidly growing digital asset market.
The exec concluded by stating,
“The United States needs to keep pace with other major economic powers by establishing clear-cut and reasonable guidelines for cryptocurrencies.”
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2024-06-02 12:08