After Ethereum spot ETFs were just approved recently, Ripple CEO Brad Garlinghouse has indirectly suggested that XRP may be the next cryptocurrency to become an ETF. He provided this hint by responding to a remark on his post that celebrated the U.S. regulator’s acceptance of Ethereum spot ETFs. Major players such as BlackRock, Grayscale, VanEck, and Fidelity had their applications approved.
Read CRYPTONEWSLAND onGarlinghouse emphasized the importance of the FIT21 crypto bill’s passing and the SEC’s clearance, calling both developments crucial for the sector. Following the lead of the Ethereum-based ETFs, three XRP fans responded to Garlinghouse’s comments by proposing the creation of an XRP spot ETF. Interestingly, Garlinghouse liked those suggestions, consequently backing them.
Prominent XRP community member Zach Rector confirms Garlinghouse’s previous predictions that 2024 will be a big year for XRP. Garlinghouse stated in an interview from February that diversity is key and that an XRP spot ETF is inevitable. On the other hand, he remained withdrawn when asked if he would work with asset managers such as BlackRock to offer an XRP ETF.
Although Garlinghouse is bullish on the possibility of an XRP ETF, he keeps out of the speculation over when it would launch by pointing up the unsolved regulatory challenges.
Sean McBride, the former director of Ripple, and several industry insiders have speculated that an XRP ETF could debut in the year 2025. The SEC’s classification of SOL as a security and the necessity of a futures market regulated by the CFTC are the reasons behind this delay.
With Ripple’s continuing case with the SEC still pending and more regulatory developments pending, the possibility of an XRP ETF is considered as more far off in the future. The possibility of an XRP spot ETF is still something that the cryptocurrency community is interested in exploring.
Though regulatory obstacles continue to provide serious obstacles, Garlinghouse’s recent activities have stimulated speculation. The sector will be attentively monitoring any new developments in this area.
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