Ripple CEO Garlinghouse hints at potential XRP ETF

Still, the SEC’s ongoing case against Ripple poses legal hurdles

The cryptocurrency sector has been abuzz after the US Securities and Exchange Commission (SEC) approved multiple Ethereum spot exchange-traded funds (ETFs) last week. Now people are talking about an ETF for XRP, Ripple’s native digital asset.

Brad Garlinghouse, CEO of Ripple, has made a hint at an XRP ETF amid the excitement over Ethereum’s regulatory win. Garlinghouse’s recognition of the importance of the ETF approvals and recent legislative advancements in the crypto industry have sparked hope among XRP holders.

Garlinghouse called this week’s developments a “major turning point” for the industry in a recent social media post where he likened it to “an asteroid hitting Wall Street.” His bullish sentiment was well received by XRP holders who began clamoring for an XRP spot ETF. Speculations were ignited further after Garlinghouse went ahead and liked all of these comments.

Moreover, Garlinghouse has said earlier that he expects 2024 to be big for XRP. He did not provide any concrete details but he has said many times before that an XRP ETF is inevitable. He also suggested that in case an ETF is approved this would help widen investment opportunities.

However, there are some significant legal hitches that should be done away with first before any XRP ETF approval can be granted. Despite Garlinghouse’s positive outlook, the SEC has taken Ripple to court over claims that it sells unregistered securities. This poses significant drawbacks to any potential developments on the ETF front.

There are some experts who have even speculated about a potential launch date for an XRP spot ETF. Still many believe that Solana (SOL) might have a better chance as the next spot ETF given its market position and investor interest. However, this could be complicated due to regulatory hurdles like how the SEC considers SOL a security.

Conversely, last year in July a court ruling classified Ripple's XRP as a non-security, which gives the cryptocurrency an advantage against SOL when it comes to spot ETFs.

In addition, Coinbase announced that it would resume XRP trading in New York following productive discussions with the state’s regulatory agencies. This decision comes after cryptocurrencies were suspended by the site in January 2021.

This move is also part of recent efforts to create more opportunities for trading digital assets across New York state boundaries. On a related note, last month the Shiba Inu token (SHIB) was included among those available on Robinhood within the state.

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Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.

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