Regardless of years of authorized confrontations with the US Securities and Change Fee (SEC), Ripple Labs CEO Brad Garlinghouse stays optimistic concerning the potential approval of a spot XRP ETF in the USA.
Garlinghouse’s confidence comes at a time when the cryptocurrency market is witnessing elevated institutional curiosity, significantly following the profitable launch of Bitcoin ETFs earlier this yr.
Ripple CEO Assured In XRP ETF Potential Following Bitcoin ETF Success
In a current interview with Bloomberg Tv, Garlinghouse identified the numerous influx of capital into Bitcoin ETFs since their approval in January, which has seen roughly $17 billion invested, making it the fastest-growing ETF in historical past.
Garlinghouse emphasised that this surge illustrates a strong demand from each institutional and retail traders for entry to digital property. “It clearly demonstrates that there’s demand from establishments and retail to entry this asset class,” he remarked.
The push for XRP ETFs gained traction earlier this month when Bitwise turned the primary agency to file with the SEC for an spot XRP ETF, the world’s seventh-largest cryptocurrency by market capitalization.
Following this, Canary Capital Group, a newly established digital asset-focused funding agency, additionally submitted its software for the Canary XRP ETF.
Growing Demand For Crypto ETFs And Rising Institutional Curiosity
Throughout the interview, Garlinghouse additionally commented on the SEC’s earlier resistance to approving Bitcoin exchange-traded funds, stating that the US SEC was “dragged, kicking, and screaming” to approve the Bitcoin ETF market again in January of this yr.
The growing demand for cryptocurrency ETFs is a component of a bigger pattern indicating extra institutional participation within the crypto market, Garlinghouse famous.
Ripple’s CEO additional believes that this institutional curiosity is more likely to create upward strain on costs for numerous cryptocurrencies, together with XRP.
On the time of writing, XRP is buying and selling at $0.5172, down almost 3% prior to now 24 hours.
Featured picture from DALL-E, chart from TradingView.com
