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Optimism for XRP, Solana, and Cardano ETFs

May 31, 2024

Ripple's CEO, Brad Garlinghouse, displayed positivity towards the potential launch of ETFs for XRP, Solana, and Cardano in light of the SEC's approval of Ethereum ETFs. Garlinghouse acknowledged the regulatory challenges that Bitcoin and Ethereum ETFs have faced, implying that similar hurdles could affect the new ETFs, but he remains optimistic about overcoming these obstacles in due time. Garlinghouse likened these regulatory obstacles to 'speed bumps' in the adoption of cryptocurrencies and expressed confidence in the eventual approval of XRP, Solana, and Cardano ETFs, considering it a significant advancement for the cryptocurrency market. In an interview, Garlinghouse mentioned Ripple's openness to XRP ETFs as a means to diversify risks for investors and attract more market participants. However, he voiced concerns regarding the uncertain classification of Ethereum as a security in the US and criticized regulatory bodies, like SEC Chairman Gary Gensler, for lacking clear guidance. Looking ahead, experts anticipate the launch of XRP and Solana ETFs post-2025 following the Ethereum ETF approval, suggesting a growing acceptance of crypto assets in traditional financial markets. Garlinghouse's optimism for the future of XRP, Solana, and Cardano ETFs relies on companies submitting applications for these products, which are currently absent as firms concentrate on spot Ethereum ETFs. The dynamics of the cryptocurrency market might spur the introduction of other crypto ETFs, representing a crucial step in endorsing certain cryptocurrencies as securities.

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