Former Ripple Director Denies Imminent XRP ETF Approval
Ripple’s former director, Sean McBride, has denied rumors suggesting that an XRP exchange-traded fund (ETF) will be approved in the coming weeks. McBride clarified that he never made any statements indicating a close approval for an XRP ETF.
No I didn’t
— Sean McBride (@seanmcbride16) February 24, 2024
However, McBride did mention that the approval of an XRP ETF is likely to happen within the next 44 weeks. He recently made predictions about the approval of an XRP ETF in either 2024 or 2025, as well as Ripple going public outside of the U.S. in 2025.
In addition to clarifying his position at Ripple, McBride emphasized that there is no such role as “Lead Director.” He wanted to ensure that the facts were accurately represented.
The speculation surrounding an XRP ETF is fueled by the success of Bitcoin ETFs and the pursuit of spot Ether ETFs. Grayscale, for instance, is seeking to convert its Ethereum trust into a spot Ether ETF.
Ripple CEO Brad Garlinghouse’s Views on XRP ETF
In an interview with Bloomberg, Ripple CEO Brad Garlinghouse expressed his views on the potential launch of an XRP exchange-traded fund (ETF). Garlinghouse stated that Ripple is open to the idea of an XRP ETF. However, the ongoing lawsuit against Ripple by the U.S. Securities and Exchange Commission (SEC) poses a challenge to the approval of a spot XRP ETF.
The SEC’s argument that XRP is a security contradicts the possibility of an immediate approval for an XRP ETF.
Furthermore, regulatory authorities, including the SEC, have emphasized the need for a futures market on the Chicago Mercantile Exchange (CME) as a requirement for ETF approval. This is to ensure sufficient surveillance against fraud and manipulation in the market.
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