During a recent appearance on Fox Business, Ripple CEO Brad Garlinghouse made a case for multiple altcoin exchange-traded funds, arguing that people do not want to have exposure to just one commodity. "If you have exposure to gold, you might want exposure to silver. You don't want to have a single-threaded asset exposure."
Garlinghouse also noted that XRP used to be the second-biggest digital asset by market capitalization. At press time, it is in eight place with a market cap of roughly $29 billion. "That was before the SEC kind of anointed ETH," he added.
Alex DovbnyaAs reported by U.Today, Garlinghouse stated that the approval of an XRP ETF was "inevitable" while speaking at the Consensus conference. The Ripple boss also expects such products to be launched for Solana (SOL) and Cardano (ADA).
When it comes to the SEC potentially holding a grudge against an XRP ETF due its legal battle with Ripple, the executive pointed to the SEC's loss in court:
"I think it's a hard argument for them to win. Can they make life difficult? They made life difficult for a lot of people, and they've lost in court."
Garlinghouse has stated that the surprising approval of spot Ethereum exchange-traded funds (ETFs) is a "big deal" in terms of further opening the markets to more investors who want to access crypto. The Ripple boss expects these products to do "extremely well" once they go live.
Based on the stunning success of Bitcoin ETFs, Garlinghouse concluded that the interest in the space remains "very high."
The Ripple boss also joked that the SEC had been "dragged kicking and screaming" across the finish line to finally approve spot Bitcoin ETFs earlier this year after a decade of persistent rejections. He believes that the formidable regulator eventually relented due to its losses in courts. Last year, Grayscale Investments famously won its lawsuit against the SEC, paving the way for the conversion of its flagship GBTC fund into an ETF.
"I think that they realized that if they were going to drag their feet around the ETH ETF, likely the same outcome is going to happen…It's frustrating that we have to go through the courts to get these positive outcomes," Garlinghouse added.
Vladislav Sopov
Dan Burgin
U.Today Editorial Team