Brad Garlinghouse predicts the exchange-traded funds will be a success. [ETFs] Solana is a proponent of cryptocurrencies such as XRP [SOL]Cardano [ADA] There are more ETFs on the way. Garlinghouse, speaking at the Consensus 2024 Conference, expressed his confidence that these ETFs will soon be available following the recent approval for spot Bitcoin [BTC] Ethereum [ETH] ETFs. He stated,
“It’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana [SOL] ETF, there’s gonna be a Cardano [ADA] ETF and that’s great.”
Ripple is closely following regulatory developments. U.S. Securities and Exchange Commission has approved key filings for ether-based ETFs. [SEC] It is a sign of a shifting regulatory landscape. These ETFs need to be approved before trading can start. Cathie Wood from ARK Invest stated at the conference that this regulatory action was influenced by crypto’s status as an issue in elections.
Also Read: Ripple Hits Lowest RSI In History: Can XRP Hit $1 Soon?
The Regulatory Challenge
Garlinghouse, Ripple’s Garlinghouse, pointed out that despite these advances significant regulatory barriers remain. These challenges were described by Garlinghouse as “speed bumps” That will be eventually overcome. Garlinghouse has a primary concern about the regulatory uncertainty coming from Washington. Garlinghouse criticized SEC chair Gary Gensler, who did not state clearly whether ether was a security. Gensler claimed that current rules were clear and didn’t require updating.
The regulatory uncertainty is a result of history. The SEC was criticized in 2022 for not publishing emails and notes taken from William Hinman’s speech of 2018, which stated that ether is not a financial instrument. Ripple’s involvement in a lawsuit with the SEC allowed them to access these redacted documents. These revealed internal SEC discussion about ETH status.
Further, he took aim at relying on the Howey Test – a measure that dates back decades – to decide modern crypto regulation. He claims,
“Somehow, [Gensler] believes that the Orange Grove tests from 70-80 years ago provide clear rules for crypto. It makes no sense and is a travesty because the SEC’s stance has become such a political liability, affecting even the presidential race.”
Also Read: How High Could Ripple XRP Go If It Hits $3 Trillion Market Cap?
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Source: watcher.guru