- Ripple CEO Brad Garlinghouse has recently stirred optimism in the crypto community with his bold predictions regarding crypto ETFs.
- During Consensus 2024, Garlinghouse expressed confidence that XRP, Solana, and Cardano are next in line for U.S. regulatory approval, following the recent nod for the Spot Ethereum ETF by the SEC.
- Notably, this prediction has created a buzz, indicating a potential shift in the crypto market landscape.
Ripple CEO Brad Garlinghouse predicts XRP, Solana, and Cardano ETF approval by the U.S. SEC, potentially reshaping the crypto market landscape.
Ripple CEO Brad Garlinghouse’s Bold Forecast
The SEC’s approval of the Ethereum ETF last week has significantly boosted market sentiment. Fueling discussions, Ripple’s CEO Brad Garlinghouse says that this is just the beginning.
During his appearance at the Consensus 2024 conference, he predicted that XRP, Solana, and Cardano ETFs would follow suit. Notably, he said that these cryptos will receive approval for the ETFs in the coming days. Notably, the Ripple CEO has also previously predicted approval for the XRP ETF earlier this year.
Meanwhile, this prediction aligns with Ark Invest CEO Cathie Wood’s outlook. Wood mentioned in a recent interview that the approval of Ethereum ETFs is closely linked to the upcoming U.S. presidential election. In addition, she suggested that Solana might receive SEC approval soon.
Strategic Moves Amid Regulatory Challenges
Despite the bullish forecast, Brad Garlinghouse acknowledges that significant regulatory hurdles remain. He criticized the lack of clarity from the SEC, particularly regarding the status of Ether as a security.
In addition, he pointed out that SEC Chair Gary Gensler has been evasive when questioned about Ether’s classification. This ambiguity, according to Garlinghouse, is a major hindrance to cryptocurrency innovation in the U.S. Notably, several market experts have slammed the SEC and Gary Gensler for their stance on crypto regulation and the digital asset sector.
Meanwhile, Garlinghouse highlighted a key incident, where Ripple accessed confidential SEC emails and notes. These documents revealed internal discussions about Ether’s security status, stemming from William Hinman’s 2018 speech, which declared Ether not a security. Garlinghouse argued that the SEC’s stance has become a political liability, even affecting the presidential race.
Despite these challenges, Ripple has been strategically expanding its operations outside the U.S. Last year, 75% of Ripple’s hiring occurred abroad, with major offices now in London, Geneva, and Singapore. This year, the figure stands at 60%.
Meanwhile, XRP price has recovered from the recent dip and soared 0.93% to $0.5204 during writing. Over the last 24 hours, the crypto has touched a high of $0.5258, as the investors might have lauded the recent bold statement of Ripple CEO Brad Garlinghouse.
Conclusion
Brad Garlinghouse’s predictions have undoubtedly stirred the crypto market, hinting at a potential wave of ETF approvals for XRP, Solana, and Cardano. However, the path is fraught with regulatory challenges, particularly from the SEC. As Ripple continues to expand internationally, the crypto community remains watchful of these developments, which could significantly impact the broader acceptance and integration of cryptocurrencies.
