- Garlinghouse expects multiple ETFs covering more than just Bitcoin and Ethereum are inevitable and sees potential for further diversification.
- While expressing support for an XRP ETF, Garlinghouse emphasised the need for regulatory clarity on token classification.
- Garlinghouse believes the SEC needs to move away from its regulation by enforcement stance before the crypto industry as a whole can move forward.
Ripple and the Securities and Exchange Commission (SEC) aren’t exactly the best of friends. The two have been embroiled in a lengthy legal battle that is still unfolding, with Ripple winning the first bout in mid-2023. With an actual resolution to the conflict potentially years away, Ripple and the SEC must work together to find some middle-ground as the crypto industry evolves. In a segment with Bloomberg TV, Ripple’s CEO Brad Garlinghouse discussed the ongoing dispute, while also touching on what he believes is next for the industry and XRP.
Multiple Crypto ETFs “Inevitable” According to Garlinghouse
A major point of emphasis for Garlinghouse throughout the interview was a renewed focus on regulatory clarity. While the SEC seeks a similar outcome, the means to reach the ends are worlds apart. Ripple’s CEO argued that the SEC is still driving a “regulation by enforcement” approach, which is thwarting industry innovation and causing a rift between crypto businesses and the government agency. Garlinghouse argues that the divisiveness will only stop once the SEC realises it is “consistently losing” in court and decides to move on.
Ultimately, the SEC will need to work together with powerbrokers in the sector as both parties move forward with customer protection as their primary motivation. By providing a greater level of understanding to companies in the area, Garlinghouse believes that a harmonious relationship can be carved out between the SEC and crypto-related businesses.
Garlinghouse is extremely bullish on the possibility of crypto ETFs expanding beyond just Bitcoin and eventually Ethereum.
I think it’s inevitable that there will be multiple ETFs for different tokens. I think you could even potentially see ETFs within baskets…I think [baskets of ETFs] further diversifies that risk.
Brad Garlinghouse
When asked about his thoughts on an XRP ETF, he didn’t mince words: “We would certainly welcome [an XRP ETF].”
However, Garlinghouse was careful to avoid making any promises, instead honing in on the importance that regulatory clarity will play in spot ETFs becoming a reliable product for multiple assets. Once the SEC, crypto exchanges and project developers can all reach an agreement on how to define whether a crypto token is a security or not, they can turn their attention to further developing and improving the ecosystem – and its safety.
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