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Ripple CEO Brad Garlinghouse believes that the approval process for spot Bitcoin exchange-traded fund applications in the United States will pave the way for similar crypto investment products to be launched in 2024. Speaking to CNBC reporter Arjun Kharpal at the World Economic Forum in Davos on January 16th, Garlinghouse made significant statements on the matter.
Prominent Executive’s Striking ETF Commentary
Brad Garlinghouse avoided explicitly predicting the approval of an XRP ETF by the US Securities and Exchange Commission (SEC) but expects a green light for an Ethereum ETF application in the near future. Garlinghouse shared the following at the World Economic Forum in Davos:
“I think it’s certain. I won’t set a timeline, but I definitely think there will be other ETF products.”
Ripple’s CEO responded to a series of questions focused on the SEC’s approval of Bitcoin ETF products, despite SEC Chairman Gary Gensler’s clear support for Bitcoin. Garlinghouse criticized Gensler’s regulatory approach, referring to a statement suggesting it was akin to doing the same thing over and over and expecting a different outcome:
“I think SEC Chairman Gary Gensler has become a political liability in the US. I don’t think he’s acting in the best interests of the citizens. He’s not acting in the best way for the long-term growth of the economy.”
Comments Directed at Gary Gensler
Garlinghouse also mentioned that the SEC is facing increasing pressure from the US justice system regarding its regulatory approach to the cryptocurrency sector:
“The fact is we only have a Bitcoin ETF product because a US court told the SEC they were being arbitrary and capricious in applying the law. It would be sad if every ETF had to go through the same journey and Gary Gensler was criticized again by the US court system, but it may be necessary.”
While Bitcoin ETF products achieved a total trading volume of $1.8 billion on January 16th; Grayscale, BlackRock, and Fidelity executed a trading volume of $1.6 billion. Bloomberg ETF analyst Eric Balchunas highlighted the same day that the 500 ETF products launched in the US in 2023 had a striking difference with a total trading volume of $450 million.
