- Ripple’s CEO criticized the SEC and called for clear U.S. cryptocurrency regulation.
- Many expect Solana, XRP, etc. to soon join the ranks of cryptocurrency ETFs.
There has been a lot of debate about the SEC’s changing stance on cryptocurrencies in light of the recent spot Ethereum (ETH) ETF finally receiving approval. However, with President Joe Biden refusing to repeal the SEC’s SAB 121 policy as promised, things look quite uncertain for now.
Ripple’s steps toward cryptocurrency adoption
Despite challenges and anti-crypto sentiment, Ripple’s $25 million investment in Fairshake highlights its commitment to advancing cryptocurrency and blockchain adoption.
Regarding this, Ripple CEO Brad Garlinghouse commented in a recent Consensus 2024 interview:
“It is important that the United States is competitive in all policies and regulatory environments related to cryptocurrency. “But the SEC and Gensler have sowed confusion by filing lawsuits that sometimes contradict each other,” he said.
In his remarks, Garlinghouse emphasized that politicians with outdated policies may not be accepted in the evolving financial environment, including cryptocurrency.
Is an XRP ETF coming soon?
Garlinghouse went on to discuss the potential of ETFs for all major cryptocurrencies such as Solana (SOL), Cardano (ADA), and XRP.
According to the executive branch,
“I think it’s just a matter of time. It’s inevitable that there will be an XRP ETF, a Solana ETF, and a Cardano ETF. That’s great.”
But Garlinghouse is not alone in suggesting this possibility. Recently, CNBC’s ‘Fast Money’ trader Brian Kelly sparked a debate about X by suggesting that Solana (SOL) could be the next cryptocurrency to have a spot ETF in the US.
Cathie Wood, CEO of ARK Invest, expressed similar sentiments after noting that the approval of the Ether ETF means cryptocurrencies have become an election issue.
The Role of Cryptocurrencies in US Elections
These developments mean that the United States has taken a big step toward cryptocurrency adoption, despite the SEC’s overreach. Especially in the context of the upcoming presidential election.
In fact, Garlinghouse agreed with Wood when he said:
“It’s not surprising to me that cryptocurrencies are a presidential topic.”
In addition to political interests, Ripple’s CEO believes the SEC is unfair to the cryptocurrency industry and has criticized Gensler’s poor regulatory approach. He also believes that the lack of regulatory clarity in the United States poses a serious barrier to both institutions and individuals entering emerging digital asset markets.
The executive concluded:
“It is important for the United States to catch up with other major economies and develop reasonable (and CLEAR) rules for cryptocurrencies.”