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Ripple CEO Says ETFs “Matter of Time” for Multiple Funds Including XRP, Solana, Cardano
- Ripple CEO Brad Garlinghouse anticipates the approval of XRP, Solana, and Cardano ETFs, calling it inevitable after recent Ethereum ETF approvals.
- SEC Chair Gary Gensler faces criticism for unclear responses on crypto regulation, despite being asked directly about Ethereum’s security status.
- Ripple donates US$25 million to influence positive crypto sentiment amidst regulatory uncertainties and potential voter impact in presidential decisions.
After a Spot Bitcoin ETF approval in January and the recent developments around Ethereum exchange-traded funds (ETFs), the United States is ready for more altcoin funds. At least if it’s up to Ripple CEO Brad Garlinghouse.
Related: American Voters Turn to Crypto as Bitcoin Becomes Election Issue, Grayscale Survey Finds
During the Consensus Conference in Austin, Texas, the CEO said XRP and other cryptocurrencies could soon see their own ETFs. XRP is closely tied to Ripple and at the centre of the current legal battle with the Securities and Exchange Commission (SEC).
I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana (SOL) ETF, there’s gonna be a Cardano (ADA) ETF, and that’s great.
Brad Garlinghouse The SEC has recently approved listing of Ethereum ETFs on the New York Stock Exchange and other exchanges and has now asked applicants to submit a first round of drafts of S-1 forms. These forms need to be approved by the regulator before trading of the funds can commence.
Observers have put an approval and trading start somewhere around early July.
Garlinghouse: Gensler Won’t Answer Questions
Garlinghouse complained that SEC chair Gary Gensler was unresponsive when asked whether Ether is a security, and criticised the general lack of regulatory guidance by the agency.
Gary Gensler has been called to Congress, and when asked if ether is a security, he won’t answer the question. Yet, he insists that the rules are very clear and don’t need updating.
Brad Garlinghouse Gensler has long been criticised for his vague responses – post the partial ETH ETF approval he bluntly refused commentary on the filing saying “I don’t have anything on this particular filing – stay tuned”.
In a tweet Garlinghouse said the United States needs clear crypto rules to catch up with other countries.
Ripple Joins Coinbase, Kraken in Crypto-Motivated Political Donations
Ripple recently donated US$25 million (AU$37.7 million) to Fairshake and its associated political action committees to influence crypto sentiment more positively.
Garlinghouse said Ripple was doing “what has become necessary to combat the megaphone that is Elizabeth Warren and to some degree, Gary Gensler”.
Fairshake has received more than US$110 million (AU$165.7 million) following further donations from crypto heavyweights Coinbase and Kraken and venture capital firms including Andreessen Horowitz and Jump Crypto, Axios reports.
Related: Gold Coast Crypto Event Focused on Advanced Trading and Bull Market Preparation
Garlinghouse said many voters will be basing their decision on who to vote for “along crypto lines”, adding that he himself hasn’t made up his mind.
I haven’t decided who I’m going to support at the presidential level.
Brad Garlinghouse 
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
