Ripple CEO Brad Garlinghouse anticipates that the approval of a Bitcoin exchange-traded fund (ETF) in the United States will open the door for the introduction of similar cryptocurrency investment products throughout 2024. During an interview with CNBC at the World Economic Forum in Davos, Switzerland, on January 16, Garlinghouse did not specifically predict the approval of an XRP-related ETF. However, he expressed confidence in the approval of Ethereum (ETH) ETFs in the near future.
While Garlinghouse refrained from providing a specific timeframe, he emphasized his belief in the approval of various ETFs beyond Bitcoin. The interview took place at the Filecoin Sanctuary near the World Economic Forum Compound. Garlinghouse seized the opportunity to comment on the recent high-profile approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). Despite SEC Chairman Gary Gensler's support for Bitcoin, Garlinghouse criticized Gensler's supervisory approach, stating, "I don’t think he’s acting in the best interest of his citizens. He’s not acting in the best interest of long-term economic growth."
Garlinghouse also highlighted the increasing pressure the SEC is facing from the U.S. judicial system regarding its regulation of the cryptocurrency industry. He emphasized the significance of clear regulations, particularly in the stablecoin market, which he believes has demonstrated its ability to address real needs. While expressing hope for comprehensive regulation in the industry, Garlinghouse acknowledged that it might be necessary for Gensler to face scrutiny from the U.S. court system.
The total trading volume of Bitcoin ETFs reached $1.8 billion on January 16, with major players such as Grayscale, BlackRock, and Fidelity contributing $1.6 billion. The substantial trading volume contrasted with the $450 million in trading volume for all 500 U.S. ETFs launched on the same day in 2023, as highlighted by Bloomberg ETF analyst Eric Balchunas.
