“There will be XRP, solana and cardano ETFs”

Ripple CEO Brad Garlinghouse expressed optimism about a possible approval from the United States Securities and Exchange Commission (SEC) for the ETFs of XRP, solana (SOL) and cardano (ADA).

The statements were made at the Consensus 2024 event. It was in this context that the director of the payments company pointed out that “it is simply inevitable that there will be more ETFs.” He assured:

“It is a matter of time, there will be an XRP ETF, a SOL ETF and an ADA ETF. That’s great”.

Brad Garlinghouse, CEO of Ripple.

In turn, the head of Ripple stated that these cryptocurrencies will also encounter regulatory obstacles, as happened with the ETFs of bitcoin (BTC) and ether (ETH). Until now, they are the only financial instruments of these characteristics that were approved by the SEC.

Garlinghouse also harshly criticized the head of the US organization, Gary Gensler, for his lack of regulatory clarity regarding cryptocurrencies. “Gary Gensler has been called to Congress, and when asked if ether is a security, he does not answer the question. However, he insists that the rules are very clear and do not need updating,” he noted.

The possibility of these financial instruments of XRP, SOL and ADA is particularly intriguing, especially given the SEC’s view of these assets. For the agency, they are considered unregistered securities and it is for that reason that they consider their trading illegal.

Likewise, it is important not to lose sight of the fact that these statements by Garlinghouse occur in the midst of the legal battle between the firm and the SEC.

This litigation has spanned more than three years in a dispute aimed at determining whether the XRP token is an unregistered security or a commodity (commodity).

It is unknown whether Garlinghouse’s optimism will be reflected in the price of XRP. The truth is that the digital token issued by Ripple has not recovered its highest price for six years.

Besides, there is no perceived greater use of currency for border payments, just as your station intends. Another factor to take into account is the criticism that Ripple receives for offering CBDC (central bank digital currencies), which do not offer self-custody and data privacy.

What will be the next ETF to be approved by the SEC?

Approval of ETH exchange-traded fund sparks debate among financial entities and analysts about what will be the next cryptocurrency that this financial instrument will have.

In this framework, Geoffrey Kendrick, head of digital assets and forex research at Standard Chartered Bank, believes that ETFs for other cryptocurrencies would be around the corner, but not until 2025.

As Criptonoticias already reported, Bernstein’s financial advisors maintain that SOL could be next.

This idea was supported by CNBC “Fast Money” trader Brian Kelly, who also raised the possibility of SOL being the next cryptocurrency to get an ETF in the United States. “You have to think of SOL as next. Bitcoin, Ethereum and Solana are probably the big three for this cycle,” he added.

For his part, Nikolaos Panigirtzoglou, the CEO and global market strategist at JP Morgan, stated that he has his doubts about the SEC allowing SOL exchange-traded funds.

The specialist believes that the only way for more instruments of these characteristics to be approved is for the United States to promote legislation so that cryptocurrencies are not considered unregistered securities.