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Ripple CEO Weighs In on XRP ETF Rumors

source-logo  u.today 21 February 2024 02:37, UTC

In an exclusive interview with Bloomberg, Ripple CEO Brad Garlinghouse addressed the swirling rumors surrounding the potential launch of an XRP exchange-traded fund (ETF) and shared his insights on the current state of cryptocurrency regulation.

Garlinghouse stressed that Ripple's recent legal victories against the Securities and Exchange Commission (SEC) were a turning point and emphasized the need for clearer rules in the sector.

Ripple's legal battles and regulatory landscape

During the interview, Garlinghouse detailed Ripple's confrontations with the SEC, noting the agency's approach of regulation through enforcement rather than providing clear guidelines for the industry.

He pointed out that courts have consistently ruled against the SEC, including in Ripple's favor, determining that XRP is not a security.

He remains hopeful for a future where regulatory clarity is achieved, either through SEC realization or congressional action.

"They have lost consistently. They lost the Ripple case on everything they cared about," he stated. Garlinghouse expressed optimism for regulatory progress, noting, "It stops, I think, when the SEC either realizes they're losing consistently, or you have Congress lean in and write new legislation."

The potential for an XRP ETF

On the topic of an XRP ETF, Garlinghouse expressed optimism, drawing parallels to the early days of the stock market where diversification was key to managing risk.

He sees the approval of a Bitcoin ETF as a sign that the courts are willing to challenge the SEC's resistance.

"I think it only makes sense there will be other ETFs too," he said. Despite not confirming specific discussions, Garlinghouse expressed Ripple's support for an XRP ETF: "We would certainly welcome it. And I think it's inevitable that there'll be, you know, multiple ETFs around different tokens."