Key Takeaways
- Ripple CEO Brad Garlinghouse anticipates more cryptocurrency ETF approvals following the success of Bitcoin ETFs in the US.
- Garlinghouse criticizes SEC Chair Gary Gensler's approach to cryptocurrency regulation, citing judicial pressure.
- Bitcoin ETFs demonstrate significant trading volume, indicating growing interest and investment in the cryptocurrency market.
Ripple's CEO Brad Garlinghouse, in a recent interview at the World Economic Forum in Davos, predicted a bright future for cryptocurrency investment products, taking cues from the success of Bitcoin (BTC) exchange-traded funds (ETFs) in the United States.
During his conversation with CNBC's Arjun Kharpal, Garlinghouse, while not directly affirming the imminent approval of an XRP (XRP) ETF by the US Securities and Exchange Commission (SEC), expressed strong belief in the likelihood of an Ether (ETH) ETF receiving approval soon.
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Regarding the matter, Ripple's CEO Brad Garlinghouse stated:
I think it’s a certainty. I’m not going to put a horizon on the time, but I think there will be other ETFs for sure.
His remarks came as a response to questions about the SEC's approval of Bitcoin ETFs and the lack of explicit support for Bitcoin from SEC chair Gary Gensler. Garlinghouse criticized Gensler's approach, saying:
I think the chair of the SEC, Gary Gensler, has become a political liability in the United States. I think he’s not acting in the best interests of the citizenry. He’s not acting in the best interest of the long-term growth of the economy.
The Ripple CEO highlighted the pressure the SEC faces from the US justice system regarding its regulatory stance on cryptocurrencies. He pointed out:
The reality is we have a Bitcoin ETF only because a US court said to the SEC, "You’re being arbitrary and capricious in your application of the law." What would be sad is if every ETF had to go through that same journey and for Gary Gensler to get smacked down by the US court system again, but that might be necessary.
Garlinghouse also touched on the success of the stablecoin market, noting its unexpected utility in fulfilling a real need and advocating for regulatory clarity in this area for the benefit of the entire industry.
Bitcoin ETFs saw a total trading volume of $1.8 billion on January 16th, with major players like Grayscale, BlackRock, and Fidelity contributing $1.6 billion. This achievement starkly contrasts with the $450 million trading volume recorded by all 500 ETFs launched in the US in 2023.
Ripple CEO Brad Garlinghouse's optimistic outlook for the future of cryptocurrency ETFs, amidst critiques of the SEC's regulatory policies, aligns with the significant market interest and investment trends seen in the recent success of Bitcoin ETFs.
