The chief executive officer (CEO) of Ripple Labs is certain that other cryptos will follow in Bitcoin’s (BTC) footsteps on their way to spot exchange-traded funds (ETFs).
“It’s a certainty. I’m not going to put a horizon on the time, but I think there will be other ETFs for sure. There will be other ETFs for sure…”
However, according to the Ripple Labs CEO, the U.S. Securities and Exchange Commission (SEC) approved a BTC ETF only because a court forced its hand. Garlinghouse hopes other cryptos don’t have to jump through the same regulatory hoops.
“The sad part of that reality is we have a Bitcoin ETF only because a US court said to the SEC, ‘You’re being arbitrary and capricious in your application of the law.’ What would be sad is if every ETF had to go through that same journey, and for Gary Gensler to get smacked down by the US court system again, that might be necessary. But at some point, I think Gary Gensler won’t be the chair of the SEC, and that’ll be a good thing for the American people.”
Garglinghouse’s Ripple has had its fair share of run-ins with the regulatory agency. Last year, a US judge determined that retail sales of XRP tokens do not constitute a security offering, handing Ripple Labs a major victory over the SEC in court.
IDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Zaleman/Sensvector