- The CEO of Ripple, Brad Garlinghouse, has expressed the company’s openness to an XRP-based Exchange-traded Fund (ETF).
- In light of the SEC’s approval of spot Bitcoin ETFs, Garlinghouse commented on the possibility of an XRP-based ETF in January.
Ripple’s Garlinghouse stated that the company is happy to have an ETF for their token, XRP, during an interview with Bloomberg.
The crypto industry is likely to see more spot ETFs in the future, according to Garlinghouse.
He also noted that the SEC’s approval of spot Bitcoin ETFs in January was largely due to the regulator’s hand being forced, and that spot ETFs deserve a mention in the SEC vs. Ripple case.
“The sad reality is that the SEC’s hand, and really Chair Gensler’s hand, was forced by the court to finally approve [the Bitcoin ETF],” he said.
Ripple Welcomes XRP ETF
Garlinghouse believes that the approval of spot Bitcoin ETFs in the US market is a positive development for the wider investment community and crypto markets. He also welcomed the possibility of an XRP-based ETF, stating that it is inevitable there will be multiple ETFs for different tokens and even baskets.
While he could not comment on whether Ripple has contacted large ETF holders such as BlackRock, Garlinghouse agreed that it would make sense for XRP’s community to have an ETF.
Ripple has emerged victorious in two separate occasions against the SEC, with a US court declaring XRP as not a security and dismissing the lawsuit against Garlinghouse and Ripple’s co-founder and chairman, Chris Larsen, with prejudice.
Despite these victories, XRP prices remain well below their all-time highs.
According to Garlinghouse, the headwinds that followed the SEC’s lawsuit contributed to this, with XRP currently trading at $0.53 and down 5% ahead of the FOMC minutes on Wednesday morning. The altcoin reached a high of $3.40 in 2018.
