- Brad Garlinghouse, the CEO of Ripple, has cited the Ethereum ETF approval to indicate that an XRP ETF will be coming.
- It is unlikely that the SEC will allow an XRP-based ETF until the Ripple case has been resolved.
The Ethereum ETF was approved earlier this week. next The likelihood of a crypto ETF being filed with the SEC and approved has skyrocketed. One of the leading candidates is XRP. This native token was developed by RippleLabs for the XRP Ledger.
The U.S. Securities and Exchange Commission approved the applications of eight Ethereum spot-ETFs including BlackRock Grayscale VanEck and Fidelity after several delays. The second time the SEC has approved an Ethereum spot ETF after launching the Bitcoin ETF in January. These approvals are a sign of a new stance by regulators as they embrace crypto.
The crypto community has been speculating about the future of crypto-ETFs. Experts predict that approval of an Ether ETF could lead to the creation and adoption other ETFs. next approval. Solana is a leading candidate, followed by Litecoin and XRP. Solana is likely to be approved quickly if institutional investors show interest. Litecoin, on the other side of things, shares many similarities with Bitcoin. As Litecoin founder Charlie Lee highlighted. The similarity in their proof-of-work Litecoin was classified as a currency like Bitcoin by the mechanisms.
XRP has the sole cryptocurrency in the world that is protected under the law. Judge Torres ruled that XRP tokens are not securities last year. Legal experts believe that Ripple will win the battle, even though the court case is ongoing and a final ruling should be expected within the next few months. This ruling will provide institutional investors with the legal certainty they need to make a decision. They may also offer XRP products, such as an XRP exchange-traded fund (ETF).
Ripple CEO talks about XRP ETF
Brad Garlinghouse of Ripple seems to concur with the leading experts in the field that an XRP-based ETF is possible. next. Garlinghouse liked three posts in the X Platform after influential XRP supporters pointed out the Ethereum ETF will follow an XRP-based ETF.
Big momentum in crypto this week – ETH ETF passed and bipartisan support on crypto legislation…
You feel like the hell frozen over! 🥶 https://t.co/70T0qLt1FH
— Brad Garlinghouse (@bgarlinghouse) May 24, 2024
In a previous interview, CEO claimed that ETFs were inevitable but he did not provide any details on when such products would appear. Sean McBride (ex-director of Ripple) has said that an ETF for XRP could be available by 2025.
Interestingly enough, a few weeks ago there were rumors that BlackRock worked on an XRP-based ETF. As reported BlackRock has since denied the claims made by CNF.
The ongoing Ripple V. SEC litigation is causing market experts to continue to state that it could hinder an ETF’s approval or filing. As the Ripple v. SEC case nears its conclusion, more institutions may take an interest in it, which could drive demand and price to all-time records.
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Source: www.crypto-news-flash.com