- Ripple CEO Brad Garlinghouse is optimistic more crypto ETFs are imminent in the US but with no defined timeline.
- He also predicted that the market cap will top $5 trillion this year.
During a recent interview at the Paris Blockchain Week, Brad Garlinghouse, the CEO of Ripple Labs Inc. stated that the US will launch other Exchange-Traded Funds (ETFs) aside from the spot Bitcoin ETFs introduced in January.
Ripple CEO on Timeline for Other ETF Launch
Garlinghouse warned that forecasting a timeframe for other ETFs’ launch may be difficult due to pushback from the US Securities and Exchange Commission (SEC). Regarding the potential launch of a spot XRP ETF, the CEO remarked that XRP differs from other cryptocurrencies in that it has regulatory clarification that it is not a security.
Reiterating Crypto News Flash’s earlier reports, Garlinghouse emphasized that this clarity opens up the way for the launch of XRP ETFs. He critiques the current US regulatory approach to crypto and urges for a transition toward legislation that understands and supports innovation.
#Ripple CEO Brad Garlinghouse on #XRP ETF: #Bitcoin
and – because of the fight we had at the courts – #XRP has regulatory clarity that it’s not a security. I think it’s different, it does matter!
THERE WILL BE OTHER ETFS IN THE UNITED STATES!“
@ParisBlockWeek pic.twitter.com/rdKeivFSYL
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 10, 2024
In a bullish outlook, Garlinghouse predicts the combined market capitalization of the crypto market would exceed $5 trillion this year. The CEO based his bullish optimism on macro factors including the introduction of the first U.S. spot Bitcoin ETFs and the upcoming halving event.
“I’m very optimistic. I think the macro trends, the big-picture things like the ETFs, they’re driving for the first time real institutional money. You’re seeing that drives demand, and at the same time demand is increasing, supply is decreasing,” says Garlinghouse.
Another factor that Garlinghouse believes may propel the crypto market to new highs is the possibility of introducing positive regulations in the United States. Crypto enthusiasts are optimistic that the next administration will be more accommodating in terms of its policy focus on the crypto industry.
Under Chairman Gary Gensler, the SEC has been aggressive in its investigation of crypto firms, including Ripple. In 2020, the SEC filed a securities complaint against Ripple saying that the firm improperly marketed XRP, in unregistered securities transactions.
Ripple, however, rejects the allegations and is fighting the lawsuit. As formerly reported by Crypto News Flash, the case is gradually drawing to a conclusion with Ripple expected to respond to the latest SEC’s brief for remedies on April 22.
XRP Defiles Regulatory Hurdles
According to Santiment, market sentiment regarding XRP Ledger/XRP was bullish late on Monday (UTC). Notably, XRP was a trending coin, with 51.72% positive and 30.5% negative sentiment. XRP remained above the 50-day and 200-day EMAs, indicating a positive price signal.
Currently, XRP is trading at $0.6077, representing a decline of 0.27% in the past day.
Despite this decline, XRP’s trading volume saw an increase of 24.59% to $2.4 billion, whilst its market capitalization stands at $33.4 billion. The increased trading volume suggests that investors and traders are increasingly accumulating the coin. As a compliment, the Fear and Greed Index shows an extreme Greed figure of 78.
