- Ripple CEO Brad Garlinghouse claims an XRP ETF is “inevitable” despite Ripple’s legal issues.
- Garlinghouse cites the $17 billion influx into Bitcoin ETFs as proof of strong demand.
- Bitwise and Canary Capital have filed for XRP ETFs, highlighting growing interest.
In a recent interview with Bloomberg, Ripple Labs CEO Brad Garlinghouse expressed his strong belief that an XRP ETF is “just inevitable,” despite the ongoing legal challenges between the company and the US Securities and Exchange Commission (SEC).
Garlinghouse’s comments come on the heels of significant developments in the cryptocurrency ETF space, particularly following the approval of Bitcoin as the first crypto-based ETF in the United States earlier this year.
Garlinghouse pointed to the impressive influx of $17 billion into Bitcoin ETFs since their approval in January, highlighting the robust demand from both institutional and retail investors to gain exposure to digital assets.
With Ethereum anticipated to be the next cryptocurrency approved for ETF status, Garlinghouse is optimistic that XRP will follow suit. He noted that the interest in ETFs has surged within the crypto community, serving as a crucial vehicle for enhancing Bitcoin’s market presence and fostering adoption among institutional investors.
Bitwise and Canary Capital have filed for an XRP ETF
Earlier this month, Bitwise Asset Management became the first firm to file with the SEC for an XRP ETF, marking a pivotal moment for the cryptocurrency, which ranks as the seventh largest by market capitalization.
Canary Capital Group followed suit, signalling a growing interest in XRP-based investment products. Interestingly, Canary Capital has also filed for a Litecoin ETF.
Despite Ripple’s legal battle with the SEC, which dates back to 2020, when the agency alleged that the company unlawfully sold XRP as an unregistered security, Garlinghouse remains optimistic.
A landmark ruling last year determined that XRP is considered a security only when sold to institutional investors, a decision that has been appealed by the SEC.
Garlinghouse believes that the evolving regulatory landscape and the increasing popularity of crypto ETFs will ultimately pave the way for XRP’s inclusion in this investment vehicle, further solidifying its place in the burgeoning digital asset market.
Credit: Source link