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Ripple CEO Positive Over Possibility of XRP ETF - TheNewsCrypto

source-logo  thenewscrypto.com 21 February 2024 13:31, UTC
  • Brad Garlinghouse, the CEO of Ripple, discussed the possibility of an XRP ETF, and the need for clear crypto regulations in an interview with Bloomberg TV.
  • He said that XRP is not a security, but a digital asset with utility and value.

Brad Garlinghouse, the CEO of Ripple, the company behind the XRP cryptocurrency, spoke to Bloomberg TV about the challenges and opportunities facing the crypto industry. He expressed his support for the idea of an XRP exchange-traded fund (ETF).

Since the launch of Bitcoin ETFs, there have been talks in the Ripple’s community anticipating the launch of XRP ETF. Garlinghouse then confirmed in the interview about the possibility of an XRP ETF, as well as other crypto ETFs, that would allow investors to access the crypto market through a regulated and diversified vehicle.

He said:

“We would certainly welcome that. And I think it’s inevitable that there will be multiple ETFs for different tokens. I think you could even potentially see ETFs within baskets; “I think it further diversifies that risk because there’s a lot of excitement around the ETF dynamic here.”

He said that Ripple would be open to working with ETF issuers, but he did not comment on whether the company was in talks with any of them.

Garlinghouse said:

“I’m not going to comment on that. I know BlackRock has said some things publicly. You know, we think it makes sense for the XRP community overall … Ripple obviously is a very important stakeholder in the XRP ecosystem, but we’re not the only player.”

Ripple Fighting SEC Lawsuit

Garlinghouse stressed the need for regulatory clarity, especially in light of the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). He said that the SEC has been inconsistent and unclear in its treatment of cryptocurrencies. He claims they’re more relied on litigation than on providing guidance.

Ripple has been fighting the SEC’s allegations that XRP is a security, and that the court has sided with Ripple on several key issues. He said that XRP is not a security, but a digital asset that has utility and value.

He also said that he hopes for a resolution with the SEC. He emphasized that regulatory clarity is essential for the growth and innovation of the crypto industry, and that the U.S. is falling behind other countries that have more progressive and supportive policies.

Custody is one of the basic building blocks of the crypto industry. Garlinghouse reaffirms that Ripple is committed to providing compliant and compatible custody solutions for digital assets. He said that custody is important for attracting institutional investors and financial institutions to the crypto space.

Garlinghouse also responded to some of the criticisms and proposals from politicians like Elizabeth Warren, who have called for stricter regulations on crypto. He said that there are misconceptions about the crypto industry’s compliance and transparency, and that most crypto players follow the Know Your Customer (KYC) and Anti-Money Laundering (AML) rules.

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