Ripple CEO predicts a bright future for cryptocurrency ETFs in 2024
Key Takeaways
- Ripple CEO Brad Garlinghouse expects more cryptocurrency ETFs to be approved following the success of the Bitcoin ETF in the United States.
- Garlinghouse criticized SEC Chairman Gary Gensler’s approach to cryptocurrency regulation, citing judicial pressure.
- Bitcoin ETFs show significant trading volume, indicating growing interest and investment in the cryptocurrency market.
Ripple CEO Brad GarlinghouseIn a recent interview at the World Economic Forum in Davos, Predicting a bright future for cryptocurrency investment productsWe took a cue from the success of the Bitcoin (BTC) exchange-traded fund (ETF) in the United States.
Garlinghouse while speaking with CNBC’s Arjun Kharpal. No direct confirmation of imminent approval of XRP (XRP) ETF By the U.S. Securities and Exchange Commission (SEC), Expressed strong belief that an Ether (ETH) ETF will likely be approved soon..
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Commenting on the issue, Ripple CEO Brad Garlinghouse said:
I think that’s for sure. I won’t set a horizon for when, but I definitely think there will be other ETFs.
His comments came in response to questions about the SEC’s approval of the Bitcoin ETF and SEC Chairman Gary Gensler’s lack of explicit support for Bitcoin. Garlinghouse criticized Gensler’s approach.word :
I believe that SEC Chairman Gary Gensler must take political responsibility in the United States. I believe he is not acting in the best interest of his citizens. He is not acting in the best interest of the long-term growth of the economy.
Ripple CEO It highlighted the pressure the SEC is facing from the U.S. judicial system. Regarding the regulatory stance on cryptocurrencies. He pointed out:
The reality is that we have Bitcoin ETFs because a US court told the SEC, “You are arbitrary and capricious in applying the law.” The sad thing is that all ETFs have to go through the same journey and Gary Gensler has to get hit by the US court system again. But it may be necessary.
Garling House too Inspired by the success of the stablecoin marketmention unexpected usefulness in meeting real needs; Advocate for regulatory clarity in this field for the benefit of the entire industry.
I looked at the Bitcoin ETF Total trading volume: $1.8 billion January 16th, major players such as Grayscale, BlackRock and Fidelity contributed $1.6 billion. This achievement is clearly This compares to $450 million in trading volume for all 500 ETFs. Scheduled for release in the US in 2023.
Ripple CEO Brad Garlinghouse’s optimism about the future of cryptocurrency ETFs amid criticism of the SEC’s regulatory policies is consistent with significant market interest and investment trends seen in the recent success of Bitcoin ETFs do.
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