Brad Garlinghouse, the CEO of Ripple, recently ignited enthusiasm in the crypto world with his optimistic outlook on cryptocurrency ETFs. Speaking at Consensus 2024, Garlinghouse expressed strong confidence that XRP, along with Solana and Cardano, will be the next cryptocurrencies to get regulatory approval for ETFs in the U.S., following the recent green light for the Spot Ethereum ETF. This prediction has stirred significant excitement, hinting at a possible shift in the crypto market's future.

Ripple CEO's Positive Prediction

The approval of the Ethereum ETF by the SEC last week has uplifted market sentiment considerably. Building on this momentum, Ripple’s CEO, Brad Garlinghouse, asserted at the Consensus 2024 conference that XRP, Solana, and Cardano ETFs are likely to be approved next. He suggested that these approvals could come in the near future. Garlinghouse had previously forecasted the approval of an XRP ETF earlier this year.

Interestingly, this forecast is in line with views from Ark Invest’s CEO, Cathie Wood. In a recent interview, Wood indicated that the Ethereum ETF approval is closely tied to the upcoming U.S. presidential election. She also hinted that Solana might soon gain SEC approval, though she remained doubtful about meme coin ETFs receiving similar approval. The cryptocurrency community has been closely monitoring these developments, which could lead to wider acceptance of various digital currencies.

Navigating Regulatory Hurdles

Despite his optimistic outlook, Garlinghouse acknowledges that there are still major regulatory challenges to overcome. He criticized the SEC for its unclear stance, particularly on whether Ether is considered a security. He noted that SEC Chair Gary Gensler has been evasive on this issue, creating uncertainty that hinders crypto innovation in the U.S. Various experts have also criticized the SEC and Gensler for their approach to regulating digital assets.

Garlinghouse pointed to a significant moment when Ripple obtained confidential SEC emails and notes. These documents included internal discussions about the security status of Ether, stemming from a 2018 speech by William Hinman, who stated that Ether is not a security. Garlinghouse argued that the SEC's unclear position has become a political issue, impacting even the presidential race.

Despite these obstacles, Ripple has been expanding its operations internationally. Last year, 75% of Ripple’s hiring was outside the U.S., with new offices in London, Geneva, and Singapore. This year, international hires make up 60%.

Meanwhile, XRP's price has bounced back from a recent dip, rising 0.93% to $0.5204 at the time of writing. Over the last 24 hours, it reached a high of $0.5258, as investors seemed to respond positively to Garlinghouse's bold statements.

Conclusion

Brad Garlinghouse’s predictions about XRP and other cryptocurrencies receiving ETF approval have injected new optimism into the crypto market. While significant regulatory challenges remain, the potential for broader acceptance of these digital assets could reshape the market landscape. Ripple’s strategic international expansion also positions it well amidst these regulatory uncertainties.