XRP ETF Is “Inevitable”, Says Ripple CEO
During his appearance at the Consensus conference, Ripple CEO Brad Garlinghouse confidently declared that an XRP exchange-traded fund (ETF) in the United States was “inevitable.” Garlinghouse also expressed his belief that other alternative cryptocurrency ETFs would emerge in the future.
The announcement comes after the U.S. Securities and Exchange Commission’s approval of several spot Ethereum ETFs, leading to a surge in the price of Ethereum. While Ethereum ETFs have not yet begun trading, the regulator has asked potential issuers to submit their draft S-1 filings promptly.
The launch of Bitcoin ETFs in January proved to be immensely successful, with BlackRock’s iShares Bitcoin Trust amassing $20 billion in total assets under management. Garlinghouse previously predicted the advent of altcoin ETFs back in February, months before the SEC’s surprising turnaround.
Standard Chartered, a British multinational bank, aligns with Garlinghouse’s prediction, suggesting that XRP and Solana could be the next altcoins to receive their own ETFs in the United States.
Pro-crypto lawmakers have been urging the SEC to approve ETFs for Ethereum and other tokens. Observers in the industry speculate that potential ETF issuers may take advantage of the SEC’s current vulnerabilities to introduce altcoin ETFs. However, it remains uncertain how much demand these products will attract, as BlackRock’s head of digital assets, Robert Mitchnick, revealed that clients have shown “very little” interest in altcoins.