The CEO of Ripple Labs is confident that other cryptocurrencies will follow in Bitcoin’s (BTC) footsteps in discovering exchange-traded funds (ETFs).
In a new interview with CNBC, Ripple CEO Brad Garlinghouse said that an Ethereum (ETH) ETF is “definitely” a possibility.
“That’s for sure. I won’t set a horizon for when, but I definitely think there will be other ETFs. Of course there will be other ETFs…
However, according to the Ripple Labs CEO, the U.S. Securities and Exchange Commission (SEC) approved a BTC ETF after a court forced it to do so. Garlinghouse hopes that other cryptocurrencies will not have to go through the same regulations.
“The sad part of the reality is that we have Bitcoin ETFs because the US courts told the SEC, ‘You are arbitrary and capricious in applying the law.’ The sad thing is that all ETFs have to go through the same journey and it may be necessary if Gary Gensler gets hit by the US court system again. But I think at some point, Gary Gensler will not be chairman of the SEC, and that will be a good thing for the American people.”
Garglinghouse’s Ripple has faced significant competition from regulators. Last year, a US judge ruled that retail sales of XRP tokens did not constitute a security offering, giving Ripple Labs a major victory over the SEC in court.
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