Ripple CEO Supports XRP ETF and Foresees More to Come
Ripple CEO Brad Garlinghouse expressed his approval for the introduction of an XRP exchange-traded fund (ETF), emphasizing the benefits it would bring in terms of diversification for investors. He compared it to the early days of the stock market, where exposure to a single stock or company was not ideal. Garlinghouse also mentioned that other ETFs are likely to follow but could not provide a specific timeline for their arrival. When asked about potential discussions with issuers regarding an XRP ETF, he declined to comment.
SEC Yielded to Legal Pressure on Spot Bitcoin ETFs, Says Garlinghouse
In response to the recent authorization of 11 Spot Bitcoin ETFs by the US Securities & Exchange Commission (SEC), Ripple CEO Brad Garlinghouse stated that the SEC and its Chair Gary Gensler were compelled to approve these products due to court decisions. Last year, Grayscale won a legal battle against the SEC, prompting the agency to reconsider its stance on Bitcoin ETFs. This move opens up new investment opportunities for Wall Street.
Garlinghouse Warns of US Losing Crypto Dominance
Garlinghouse highlighted the importance of the United States reclaiming its leading position in crypto regulation during discussions about the upcoming US election. He noted that countries such as the UK and European Union have surpassed the US in terms of crypto adoption and regulation. Garlinghouse emphasized that over 20% of Americans already have exposure to cryptocurrencies and urged policymakers to prioritize this issue. In support of favorable cryptocurrency policies, Ripple recently contributed approximately $80 million to a political action committee (PAC) called Fairshake.
Ripple’s Acquisitions Expand Business Reach
Ripple has been actively diversifying its business by acquiring various companies. One of its recent acquisitions is New York-based digital asset platform Standard Custody and Trust Company. This acquisition will grant Ripple full ownership of Standard Custody, along with access to regulatory licenses that will help expand its services. Additionally, Ripple purchased Swiss blockchain firm Metaco for $250 million last year, signaling a potential entry into asset tokenization.
🔥 Hot Take: Ripple CEO Enthusiastically Supports XRP ETF and Foresees Broader Adoption
Ripple CEO Brad Garlinghouse has expressed his support for the introduction of an XRP ETF, emphasizing the benefits it would bring in terms of diversification for investors. He believes that similar ETFs will follow, comparing it to the early days of the stock market when exposure to a single stock or company was not ideal. Garlinghouse also highlighted the need for the US to regain its position as a leader in crypto regulation and warned about the country losing its edge to other nations. Ripple’s recent acquisitions, including Standard Custody and Trust Company and Metaco, demonstrate its commitment to expanding its business reach and exploring new opportunities.
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