Ripple CEO Supports XRP ETF and Calls for Crypto Regulation in the US
Ripple CEO Brad Garlinghouse expressed his support for the creation of an XRP exchange-traded fund (ETF) in a recent Bloomberg interview. He emphasized the importance of diversification for investors, comparing the cryptocurrency market to the early days of the stock market. Garlinghouse believes that introducing more ETFs will help distribute risk more broadly.
Garlinghouse also discussed the impact of the U.S. Securities & Exchange Commission’s approval of 11 Spot Bitcoin ETFs. He sees this as a significant shift influenced by industry-led legal challenges, such as Grayscale’s victory. According to Garlinghouse, this move is a step towards a more secure investment framework for cryptocurrencies.
Regulatory Landscape and Ripple’s Contribution
Garlinghouse pointed out the delay in establishing comprehensive crypto regulation in the U.S., contrasting it with the UK and European Union. He emphasized the need for cryptocurrency regulation to be addressed as a critical issue in upcoming elections, given that over 20% of Americans are engaged with cryptocurrencies.
Ripple has been actively advocating for clear legislation to regulate various crypto assets. Garlinghouse supports measures like the Securities Clarity Act, Token Taxonomy Act, and Digital Commodity Exchange Act. He believes these laws would foster innovation and position the U.S. as a leader in crypto regulation globally.
Ripple has also contributed around $80 million to the Fairshake political action committee (PAC) to influence policymakers and support crypto-friendly candidates.
Ripple’s Expansion into Digital Asset Custody
In addition to discussing regulation, Garlinghouse shared insights on Ripple’s strategic expansion in the digital asset custody domain. Ripple recently acquired Standard Custody & Trust Company and Swiss provider Metaco, solidifying its ambitions to offer comprehensive services for tokenization, storage, movement, and exchange of digital assets.
Ripple is actively seeking an experienced enablement engineer in New York to enhance its capabilities in digital asset custody.
Hot Take: Ripple CEO Advocates for Crypto Regulation and Diversification
Ripple CEO Brad Garlinghouse supports the creation of an XRP ETF to promote diversification in the cryptocurrency market. He believes that more ETFs will help distribute risk more broadly, similar to the stock market. Garlinghouse also highlights the transformative impact of the SEC’s approval of Spot Bitcoin ETFs, signaling a shift towards a more secure investment framework for cryptocurrencies.
Garlinghouse calls for the U.S. to establish comprehensive crypto regulation, citing the UK and EU as examples. He believes clear legislation is crucial for fostering innovation and positioning the U.S. as a leader in crypto regulation globally. Ripple has actively contributed to political action committees to influence policymakers and support crypto-friendly candidates.
In addition to its advocacy efforts, Ripple is expanding its digital asset custody capabilities through acquisitions. The company aims to provide comprehensive services for tokenization, storage, movement, and exchange of digital assets. This strategic expansion demonstrates Ripple’s commitment to enhancing its position in the digital asset industry.
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