- Ripple’s CEO criticized the SEC and called for clear U.S crypto regulations.
- Many expect the likes of Solana and XRP to soon join the crypto-ETF bandwagon
In light of spot Ethereum [ETH] ETFs finally winning approval recently, there has been a lot of chatter around the change in the SEC’s attitude towards crypto. However, with President Joe Biden vetoing the repeal of SEC’s SAB 121 policy as promised, things seem quite uncertain right now.
Ripple’s step towards crypto-adoption
Despite challenges and anti-crypto sentiments, Ripple’s $25 million investment in Fairshake underscores its dedication to advancing crypto and blockchain adoption.
Reflecting on the same, Ripple CEO Brad Garlinghouse in a recent interview during Consensus 2024 noted,
“It’s important that the US is competitive when it comes to the policy and regulatory environment in all things crypto. However, the SEC and Gensler have sown confusion by filing lawsuits that sometimes even contradict each other.”
With his remarks, Garlinghouse stressed that politicians with outdated policies might not be accepted in an evolving financial landscape that includes crypto.
Is an XRP ETF on the horizon?
Garlinghouse further went on to discuss the potential of an ETF for every major cryptocurrency such as Solana [SOL], Cardano [ADA], and of course, XRP.
According to the exec,
“I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana ETF, there’s gonna be a Cardano ETF, and that’s great.”
Garlinghouse isn’t the only one to suggest this possibility though. Just recently, CNBC ‘Fast Money’ trader Brian Kelly ignited a debate on X by suggesting that Solana [SOL] could be the next cryptocurrency to have a spot ETF in the United States.
Cathie Wood, CEO of ARK Invest, echoed similar sentiments after she remarked that the approval of Ether ETFs signifies that crypto has become an election issue.
Crypto’s role in U.S elections
These developments mean that despite the SEC’s overreach, the U.S has taken big steps in crypto-adoption. Especially in the context of the upcoming presidential elections.
In fact, Garlinghouse agreed with what Wood said as he claimed,
“Seeing crypto becoming a presidential topic isn’t a surprise for me.”
Beyond political interest, Ripple’s CEO also believes that the SEC has been unfair to the crypto-industry, criticizing Gensler’s misguided regulatory approach. Additionally, he believes that the lack of regulatory clarity in the United States poses a significant barrier to both institutions and individuals entering the emerging digital asset market.
The exec concluded by stating,
“It’s critical that the U.S catch up with other leading economies and develop sensible (and CLEAR) rules for crypto.”
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