Consensus 2024: Garlinghouse predicts XRP, Solana, and Cardano ETFs

Investing in cryptocurrencies is expected to have a bright future, and there are plans to launch other crypto ETFs. This comes after the recent approval of Bitcoin ETFs, as well as the progress made in ether ETFs on the Ethereum platform. Recently, Ripple CEO Brad Garlinghouse stated that the launch of more ETFs for other crypto assets such as XRP, Solana, and Cardano is imminent. This suggests that institutional frameworks widely use and integrate most of these digital currencies.

The U.S. SEC efficiently approved ETF applications, demonstrating the progress of cryptocurrency ETFs in the industry. This development demonstrates the increased intertwining of cryptocurrencies with traditional financial markets, as well as their increasing relevance to politics.

When speaking at the Consensus conference, Cathie Wood, the CEO of ARK Invest, stated that the approval of ETH ETFs is due to cryptocurrency receiving more attention and recognition in the political space. This has also influenced regulatory decisions, making the endorsement of new financial products within the crypto industry more political.

There remains a long way to go in ensuring that greater regulatory acceptance and clarity are achieved. Garlinghouse criticized the existing rules, saying that SEC Chair Gary Gensler remains undecided about whether ether should be considered a security. He said that currently, there is a gap between the available legal regulation, which is based on certain principles such as the Howey Test from several decades ago, and the constantly developing world of cryptocurrencies.

The effects of ambiguous policies in the United States go well beyond its borders. Garlinghouse notes that Ripple has adapted its staffing strategies in response to the aforementioned challenges, sourcing more employees from crypto-friendly cities such as London, Geneva, and Singapore. This shift in direction is a logical progression of a broader process in which American crypto companies try to escape the uncertainty and hostility of the American legal system and move to more friendly locations with a less ambiguous legal framework.

Furthermore, the leaked recordings of a 2018 speech by the previous SEC Director, William Hinman, provide evidence of additional discussions and analyses regarding the SEC’s internal consultations and stance. In this speech, Hinman declared that ether was not a security. The internal documents provided by Ripple in the ongoing legal case with the SEC unveiled a complex and somewhat contentious discussion regarding the legal status of digital currencies.

As an emerging market, cryptocurrency investments continue to evolve, and there is an increasing need for standard and extensive regulatory frameworks. These regulations will not only affect the future prospects of cryptocurrency ETFs. Still, they will also play a role in introducing digital currencies into the world economy. Concerns about new ETFs and ongoing discussions about regulatory measures suggest a critical point for financial institutions and regulators in facing the future challenges and opportunities of this constantly evolving crypto market.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button
Bitcoin (BTC) $ 64,260.22
Ethereum (ETH) $ 3,501.29
Tether (USDT) $ 0.999687
BNB (BNB) $ 588.10
Solana (SOL) $ 134.38
XRP (XRP) $ 0.487242
Dogecoin (DOGE) $ 0.123969
Cardano (ADA) $ 0.385293