Ripple CEO Brad Garlinghouse appeared on Nasdaq on October 14, coinciding with the closing bell ceremony for Evernorth, a major XRP treasury firm. Garlinghouse addressed XRP’s ongoing regulatory status and commented on recent legislative developments, highlighting progress and challenges facing the digital asset industry.
Regulatory status and legal clarity
Garlinghouse discussed the failure of the CLARITY Act in September, a bill aimed at providing clear guidelines for digital assets. He acknowledged disappointment in the outcome, noting he had invested considerable effort in the initiative. Despite the legislative setback, Garlinghouse emphasized that legal clarity for XRP has already been established through federal court decisions.
According to Garlinghouse, a federal judge’s opinion established that XRP is not a security. He argued that the ruling satisfies many of the objectives the CLARITY Act sought to address for XRP. He further pointed out that regulatory agencies such as the SEC and CFTC have begun working on new rules to bridge gaps that remain after the legislature’s failure to pass the bill.
On the risk of future regulatory changes, Garlinghouse admitted uncertainty remains, but stated that the progress made in recent years would be difficult to reverse.
Garlinghouse referenced the judge’s ruling on XRP’s status and commented that the direction of regulatory momentum is now difficult to undo, suggesting, “You can’t really put that back” after years of industry evolution.
Evernorth’s debut on Nasdaq
Garlinghouse’s appearance came as Evernorth rang the closing bell at Nasdaq, marking its official listing under the ticker XRPN. Backed by Ripple and institutional investors, Evernorth holds approximately 473 million XRP and completed a merger with Armada Acquisition Corp. II resulting in over $1 billion in capital raised.
This development positions Evernorth as the largest public XRP treasury, offering a regulated and transparent vehicle for institutional exposure to XRP. The company’s emergence reflects growing confidence from large investors in the digital asset’s legal status and long-term prospects.
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Community responses
Some community members remain unconvinced that legal clarity has led to tangible advances in adoption or price appreciation. While institutional vehicles for XRP exposure now exist, users continue to debate whether these regulatory advancements will shortly result in increased market activity or higher valuations for XRP.
A number of commenters shared skepticism on social media, with some stating their confidence in Ripple’s ability to deliver volume and utility has waned. Others noted that while the regulatory foundation may be secure, they still await visible progress in real-world outcomes.
Despite legal clarity around XRP and Evernorth’s public listing, portions of the community are waiting for these developments to be reflected in price and utility, as many had anticipated.
The cryptocurrency market continues to monitor both regulatory trends and new investment vehicles as potential catalysts for increased utility and value in digital assets such as XRP.
