Regulation
“It’s inevitable”: Ripple CEO issues “critical” XRP warning after Bitcoin, Ethereum ETF prices surge
Bitcoin
Bitcoin
has soared higher, surpassing $70,000 per bitcoin as cash continues to flow into Wall Street’s new Bitcoin exchange-traded funds (ETFs) –triggering a huge crypto prediction from Goldman Sachs.
Bitcoin Price Has Soared This Year, Boosting Broader Ethereum, XRP
XRP
and the crypto market, like the Federal Reserve quietly ‘admits’ that gold is replacing the US dollar and some are betting bitcoin will benefit.
Ahead of Bitcoin’s latest surge, the chief executive of XRP developer Ripple said he believed a flood of crypto ETFs, including for Ethereum, XRP, Solana and Cardano, was “inevitable,” but warned that the regulations would be “critical”.
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Brad Garlinghouse, chief executive of XRP developer Ripple, warned that US regulations were “critical”… [+] for the future of XRP, bitcoin, ethereum and other cryptocurrencies after their price surge.
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“I think it’s just a matter of time, and it’s inevitable that there will be an XRP ETF, there will be a solana ETF, there will be a cardano ETF, and that’s awesome,” Brad Ripple’s Garlinghouse said on stage at Coindesk’s crypto Consensus conference in Austin, Texas.
However, regulatory clarity for bitcoin, ethereum, XRP and crypto is in the “bottom decile,” according to Garlinghouse. “Having a good regulatory posture in place in the United States is simply essential.”
Ripple, along with leading cryptocurrency exchange Coinbase and crypto asset manager Grayscale, have led a long-running crypto industry-led campaign to convince the U.S. Securities and Exchange Commission (SEC) to update its regulations on cryptography.
Ripple could expect a $2 billion fine from the SEC following its legal battle with the regulator in which a judge ruled that it illegally sold XRP to institutional investors.
“[It’s] “It’s a travesty because the SEC’s position has become a real political liability, even affecting the presidential race,” Garlinghouse said.
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Ripple’s XRP price has climbed over the past year but remains well below its all-time high… [+] even as bitcoin surpasses its previous high, dragging the price of Ethereum with it.
Forbes Digital Assets
Crypto scored a major victory over the SEC last month when the regulator appeared to bow to political pressure and began the process of adopting a handful of Ethereum spot ETFs.
Shark Tank billionaire Mark Cuban, a staunch supporter of President Joe Biden, warned that former US President Donald Trump could win the 2024 election due to Biden’s opposition to crypto.
Trump promised to make the United States “the leader in the field” of crypto and warned Biden “wants them to die a slow, painful death. That will never happen with me.”
“The SEC’s approval of an Ethereum spot ETF reflects the new energy and enthusiasm rippling through the crypto investment markets,” said Myles Harrison, chief product officer at Switzerland-based Amina Bank and focused on cryptography, in comments sent by email. “It’s probably only a matter of time before we see other crypto ETFs on the market.”