During the Paris Blockchain Week from April 9-11, Brad Garlinghouse, CEO of Ripple, spoke alongside David Schwartz, CEO of Xrpl Commons. They discussed various relevant topics concerning Ripple and the wider XRP community. Notable subjects included the potential for a US spot Exchange Traded Fund (ETF), Ripple’s planned release of a USD stablecoin in 2023, efforts to grow the community, and crypto regulations.
Only XRP And Bitcoin Have Regulatory Clarity
In his speech, Garlinghouse stressed the significance of spreading investments across various cryptocurrencies instead of putting all eggs in one basket. He advised against focusing solely on Bitcoin or XRP, suggesting a more diverse portfolio instead.
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.
“I believe there will be more US-listed spot ETFs in the future, but unfortunately, it may take some time due to the ongoing legal battle between Ripple and the SEC in the United States,” stated Garlinghouse, the CEO of Ripple. Additionally, he highlighted XRP‘s distinct advantage due to Ripple’s ongoing legal dispute with the SEC in the US.
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.
Ripple’s CEO disclosed intentions to introduce a USD stablecoin from Ripple later this year, which aligns with their objective to strengthen Ripple’s role in digital payments while complying with regulatory guidelines. This announcement signifies a substantial advancement in Ripple’s initiative to broaden its range of services and cater to market demands.
In a February conversation with “Bloomberg Crypto,” Garlinghouse shared his firm belief in an XRP Exchange-Traded Fund (ETF), considering it a necessary progression for the crypto investment sphere. He explained, “I believe it’s only logical” and likened it to the early stock market where diversification was key for effective risk management.
Garlinghouse championed the creation of cryptocurrency ETFs, arguing they would improve market security and resilience, ultimately bringing advantages to the investing public. “These markets become safer. They become more robust,” Garlinghouse explained. “So it’s beneficial for the investment community to embrace this.”
Although shy about engaging in detailed talks with key players such as BlackRock regarding a potential ETF for Ripple’s XRP, Garlinghouse emphasized the significance of these financial instruments for the community and Ripple’s role within the ecosystem. He openly expressed his firm belief in an XRP-backed ETF, declaring, “We wholeheartedly endorse it. I believe there will eventually be several ETFs based on various tokens.”
At press time, XRP traded at $0.6169.
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2024-04-11 12:41