Ripple CEO Anticipates Additional Approvals for Crypto ETFs: Davos 2024

Ripple CEO Brad Garlinghouse is optimistic about the greenlight to multiple Bitcoin exchange-traded funds (ETFs) in the US, anticipating a ripple effect that will lead to the introduction of similar cryptocurrencinvestment products in 2024.

During an interview with CNBC correspondent Arjun Kharpal at the World Economic Forum in Davos, Switzerland, on January 16, Garlinghouse hinted at the potential expansion of investment options without explicitly predicting the approval of an XRP ETF by the Securities and Exchange Commission. However, he expressed confidence in the approval of an Ether ETF soon.

While refraining from specifying a timeline, Garlinghouse stated, “I think it’s a certainty. I’m not going to put a horizon on the time, but I think there will be other ETFs for sure.” The conversation took place at the Filecoin Sanctuary, a stone-throw away from the World Economic Forum compound in Davos.

Garlinghouse’s comments were prompted by the SEC’s recent approval of Bitcoin ETFs, despite the absence of a vivid endorsement of Bitcoin by the agency’s chair, Gary Gensler.

Garlinghouse voiced his criticism of Gensler’s regulatory strategy, using the familiar term that states, “the definition of insanity is doing the same thing repeatedly and anticipating a different result.”

Garlinghouse pointed out that the SEC had been under increasing scrutiny from the US justice system regarding its regulatory stance on the cryptocurrency industry. 

He explained, “The truth is, we have a Bitcoin ETF only because a US court told the SEC, ‘Your application of the law is arbitrary and capricious.’ It would be unfortunate if every ETF had to go through a similar process, and for Gary Gensler to face a legal setback from the US court system again, but it might be a necessary step.”

According to Cointelegraph, Bitcoin ETFs saw a substantial total trading volume of $1.8 billion on January 16, with massive contributions from Grayscale, BlackRock, and Fidelity amounting to $1.6 billion. This starkly contrasts with the $450 million trading volume observed for all 500 ETFs launched in the US throughout 2023 on that particular day, as pointed out by Bloomberg ETF analyst Eric Balchunas.

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