Regulation
Ripple CEO supports XRP ETF, calls for clearer crypto regulation
Ripple CEO Brad Garlinghouse, in an interview with Bloomberg on February 20, expressed support for the creation of an XRP exchange-traded fund (ETF).
Garlinghouse Underlines the importance of diversification for investors, comparing the current state of the cryptocurrency market to the early days of the stock market. He suggested that, like the stock market, where investors seek exposure to a range of assets rather than a single stock, the cryptocurrency market will likely see the introduction of more securities. AND F spread risks more widely.
However, he refrained from providing details on possible discussions with issuers regarding an XRP ETF.
The discussion also addressed the transformative impact of the approval by the United States Securities & Exchange Commission (SEC) of 11 Spot Bitcoin ETFs. He interpreted the move as a reluctant but crucial change by the SEC, heavily influenced by legal challenges launched by the industry, including Grayscale’s victory. This change, according to Garlinghouse, is a step towards a safer and more robust investment framework for cryptocurrencies.
Discussing the global regulatory landscape in more detail, Garlinghouse also highlighted the comparative delay of the United States in establishing a comprehensive crypto regulatory framework, particularly in relation to the United Kingdom and the European Union. With more than 20% of Americans are interested in cryptocurrencies Whether directly or indirectly, he highlighted the urgent need for the United States to consider the regulation of cryptocurrencies as a crucial issue in the upcoming elections.
Garlinghouse was vocal on the need for legislation that clearly defines and regulates various crypto assets. He advocated for the adoption of laws such as Securities Clarity ActTHE Token Taxonomy Act, and the law on the exchange of digital products. According to him, these measures would not only promote innovation and growth within the sector, but also position the United States as a global leader in crypto regulation.
In this context, Ripple, among others, has contributed approximately $80 million to Fairshake’s political action committee (PAC) to influence U.S. policymakers and support crypto-friendly candidates.
Additionally, Garlinghouse shared his views on Ripple’s strategic expansion into digital asset custody following the acquisition of Standard Custody & Trust Company. This decision, coupled with previous acquisition from Swiss provider Metaco, consolidates Ripple’s ambitions to offer comprehensive services for the tokenization, storage, movement and exchange of digital assets. Ripple’s efforts in this area are also demonstrated by a job posting for an experienced enablement engineer in New York, indicating the company’s continued efforts to improve its digital asset custody capabilities.