- April 11, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
At the recent Paris Blockchain Week, running from April 9-11, Ripple CEO Brad Garlinghouse shared the stage with Xrpl Commons CEO David Bchiri, shedding light on a range of topics pertinent to Ripple and the broader XRP ecosystem. Key discussions focused on the prospect of a spot Exchange Traded Fund (ETF) in the United States, Ripple’s intentions to launch a USD stablecoin later this year, initiatives to expand the community, and the landscape of crypto regulation.
Only XRP And Bitcoin Have Regulatory Clarity
Garlinghouse, in his speech, emphasized the importance of investment diversification within the crypto market, saying, “When friends of mine ask me, hey, I want to invest in crypto, how should I do that? I always say invest in a basket. I’m not saying just buy Bitcoin or just XRP. I’m saying you want to invest in a basket and have diversification.”
He highlighted the regulatory clarity that XRP enjoys in the United States, alongside Bitcoin, as a significant factor that sets it apart and could pave the way for future financial products like an ETF. While Garlinghouse expects altcoin ETFs to be delayed, he is still optimistic.
“So look, I think there will be other [US spot] ETFs. Unfortunately, I think it’s going to take a little bit of time because the United States SEC is fighting that,” the Ripple CEO stated. Furthermore, Garlinghouse emphasized the unique position which XRP has due to Ripple’s legal fight with the US Securities and Exchange Commission (SEC):
But I think one of the things that people don’t fully understand, they haven’t really paid attention to: In the United States, there’s only two cryptos that have regulatory clarity — Bitcoin and because of the fight we had at the courts – XRP has regulatory clarity that it’s not a security. And so that is, I think it’s different, it does matter. To answer your macro point, look, there will be other ETFs in the United States.
The Ripple CEO also revealed plans for launching a USD stablecoin later in the year, a move that aligns with Ripple’s strategy to bolster its presence in the digital payments arena while adhering to regulatory frameworks. This announcement marks a significant step in Ripple’s efforts to expand its suite of offerings and address the needs of the market.
Previously, in a February interview with “Bloomberg Crypto,” Garlinghouse expressed his strong enthusiasm for an XRP ETF, viewing it as an essential evolution for the crypto investment landscape. “I think it only makes sense,” he commented and drew parallels to the early stock market, where diversification was crucial for investment risk management.
Garlinghouse advocated for the development of cryptocurrency ETFs, suggesting they would enhance market safety and robustness, thereby benefiting the investment community. “It makes these markets safer. It makes them more robust. And so this is good for the investment community to kind of lean into that,” Garlinghouse remarked.
Despite being reticent about specific discussions with major issuers like BlackRock concerning an ETF, Garlinghouse acknowledged the importance of such a financial product for the community and Ripple’s role within this ecosystem. He expressed his strong support for the idea of an XRP ETF, stating, “We would certainly welcome it. I think it’s inevitable that there’ll be multiple ETFs around different tokens.”
At press time, XRP traded at $0.6169.
