At the Consensus 2024 conference, Ripple's CEO, Brad Garlinghouse, called for approval of ETFs for XRP, Solana, and Cardano. He criticized the SEC's unclear cryptocurrency regulations and urged for more specific guidelines. This push comes as Ethereum (ETH), the second-largest cryptocurrency, with its ETH price stability, is currently trading around $ 3,747.32 (ETH/USD).
Given the growing interest in cryptocurrency investments, the approval of these ETFs might create considerable opportunities for both individual and institutional investors. Garlinghouse's campaign for ETFs demonstrates the growing need for regulated cryptocurrency investment vehicles.
Pointing to the recent greenlight for Bitcoin and Ethereum ETFs (still awaiting final approval for trading), Garlinghouse believes similar ETFs for other major cryptocurrencies will follow. He highlighted the influence of cryptocurrency's growing political importance, as seen in recent election campaigns.
While acknowledging the lengthy approval process, Garlinghouse downplayed them as temporary obstacles. He criticized the SEC Chair for not offering clear classifications for cryptocurrencies like ether, despite claiming existing regulations are sufficient.
The news also mentions Ripple's legal battle with the SEC and their recent discovery of internal SEC documents discussing ether's status. Garlinghouse criticized the outdated regulatory framework in the U.S. and the politicization of the SEC's stance.
He highlighted Ripple's focus on establishing operations in regions with clearer regulations, like London and Singapore. The news piece concludes by emphasizing Garlinghouse's call for a proper regulatory framework for cryptocurrency in the U.S.
