In Short:
Garlinghouse predicts regulatory approval for key cryptocurrency ETFs, such as XRP, Solana, and Cardano.
The CEO views ETF approval as a trigger for significant expansion in the Bitcoin business.
Garlinghouse criticizes the SEC’s ambiguous cryptocurrency laws, calling for greater regulatory clarity.
Ripple CEO Brad Garlinghouse said during his speech at the Consensus conference that an exchange-traded fund (ETF) for XRP in the US was “inevitable”. Ripple CEO Brad Garlinghouse has predicted that ETFs for XRP, Solana, and Cardano will be approved. Is 2024 the year the SEC will approve these innovative exchange-traded funds?
The SEC allowed several Ethereum ETFs on the spot, which was a significant policy move. This news resulted in Ethereum’s price reaching its highest point in mid-March.
Unavoidable Crypto ETFs are on the Horizon
With the recent approval of the Ethereum (ETH) ETF, the Securities and Exchange Commission (SEC) has also approved the spot Bitcoin (BTC) ETF. Garlinghouse confidently predicts that ETFs for other well-known cryptocurrencies will follow soon.
“It’s fantastic, but I think it’s only a matter of time, and it’s inevitable that there will be ETFs for XRP, Solana, and Cardano,” he said. Notably, Ripple is tied to its own cryptocurrency, XRP. Earlier, Coinpedia reported that Cathie Wood, CEO of ARK Invest, credited the approval to the growing political importance of cryptocurrency.
Market capitalization to rise
The predictions made by Garlinghouse don’t end with ETF approvals. He also predicts that the value of the cryptocurrency market will increase significantly. “By the end of 2024, Ripple’s CEO predicts that the value of cryptocurrencies will double, and the market capitalization will reach $5 trillion.”
Such a surge would highlight the growing use and capitalization of cryptocurrencies, establishing them as a powerful asset class in the world financial system.
SEC’s Role in ETF Approval
Because of the recent approval of Ethereum and Bitcoin ETFs, other cryptocurrencies may soon follow. The approval process for XRP, Solana, and Cardano ETFs may still have to cross some hurdles because of the SEC’s strict regulatory framework.
If the SEC approves them, these ETFs could have a major impact on the cryptocurrency market. This could further legitimize digital assets and speed up their adoption.
