June 23, 2024

The approval of Bitcoin spot ETFs sent the crypto market into a frenzy and created possibilities for other ETF approvals. As a result, Ripple CEO Brad Garlinghouse recently commented on the possible approval of an XRP spot exchange-traded fund (ETF). 

However, the CEO did not give a specific answer to an XRP ETF approval.  

Garlinghouse Shares Thoughts On XRP ETF In CNBC Interview 

Garlinghouse shared his thoughts when asked about the possibility of an XRP ETF in an interview with CNBC at the World Economic Forum. 

The CEO believes it is certain that XRP will have an ETF at some point but did not specify a timeframe for this approval despite the direct line of questioning. 

Instead, Garlinghouse remained elusive in his reply. Digital Asset Investor on X compared Brag Garlinghouse’s reply to that of BlackRock’s CEO on the same subject. BlackRock’s CEO, Larry Fink, did not give a specific answer on the possibility of an XRP spot ETF. 

But still, Fink’s comments created a buzz in the XRP community as people anticipated the possibility of an XRP spot ETF. As such, Thinking Crypto podcaster Tony Edwards believes that Fink’s neutral reaction is intentional to prevent market volatility. 

This is because a definite answer from an influential figure could likely trigger investor sentiment in a positive or negative direction. However, according to FOX’s senior correspondent Charles Gasparino, Larry Fink’s response was due to his limited knowledge of XRP. 

Gasparino claims that Fink hardly recognizes that XRP exists as a cryptocurrency and only knows more about ETH’s status in the crypto space. So, Gasparino advices that much importance should not be given to Fink’s remarks. 

Market Analyst Believes That an XRP ETF Will Not Trigger a Bullish Reaction

Meanwhile, Black Swan Capitalist founder Versan Aljarrah stated that XRP was not designed to be an ETF. He argued that the XRP token was created to serve as a currency, claiming that the obsession for a US-listed crypto spot ETF is pointless. 

Also, Aljarrah claims that the Bitcoin Spot ETF is a distraction to the global revolution in the financial system. Additionally, he labeled the ETFs as an open invitation for institutional corruption.

Furthermore, the analyst supported his argument by recalling Vanguard’s action of forcing restrictions on customers seeking Spot ETFs. 

Attempts by investors to purchase ETFs through Vanguard retirement brokerage account were met with stern warning messages. Therefore, Aljarrah does not believe that an XRP ETF will attract more investors to the ecosystem due to restrictive measures from regulators.

Furthermore, attorney Bill Morgan considered the US SEC to be a potential roadblock to any ETF approval. He highlighted the divided vote among the SEC executives for a Bitcoin Spot ETF approval. 

Also, Morgan stated that a vote from SEC Chairman Gary Gensler is important to approve a spot in the XRP ETF. 

Further, he reiterated that any confidence in quick approval for an Ethereum or Ripple spot ETF is misplaced due to the current SEC executives. Meanwhile, the ongoing speculations did not affect XRP’s price positively, as it continues to trade at $0.57, with a slight decline today. 


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