Ripple CEO expects more crypto ETF approvals: Davos 2024

Ripple CEO Brad Garlinghouse believes the approval of several Bitcoin (BTC) exchange-traded funds (ETFs) in the United States will pave the way for similar cryptocurrency investment products to launch in 2024.

Speaking to CNBC's Arjun Karpal at the World Economic Forum in Davos, Switzerland on January 16, Garlinghouse stopped short of predicting that the XRP (XRP) ETF would be approved by the US Securities and Exchange Commission (SEC). Ether (ETH) ETF to get the green light in the near future.

“I think it's a certainty. I won't set the horizon at the moment, but I think there will definitely be other ETFs,” Garlinghouse said in an interview at the Philecoin Sanctuary, which borders the World Economic Forum campus in Davos.

Ripple's CEO responded to a line of questioning focused on the SEC's approval of high-profile Bitcoin ETFs, despite the agency's chairman Gary Gensler's outspoken support for Bitcoin.

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Garlinghouse criticized Gensler's approach to control, citing the expression, “The definition of insanity is doing the same thing over and over again and expecting different results.”

“I think SEC Chairman Gary Gensler has become a political liability in the United States. I think he's not working to protect the interests of the citizens. He's not doing what's best for the long-term growth of the economy.”

Garlinghouse also faced increasing pressure from the US justice system regarding the SEC's regulatory approach to the cryptocurrency sector.

“The reality is that a US court told the SEC, ‘You're being overbearing and manipulative in your filing,' so we have a Bitcoin ETF. It's unfortunate that if every ETF has to go through the same journey and Gary Gensler gets hit by the US court system again, it might be necessary,” Garlinghouse said. He added.

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“I think a stable coin market has surprised people in some ways in terms of addressing real demand. I think it just makes sense to have regulatory clarity around that. I think it's good for the whole industry.”

According to Cointelegraph, Bitcoin ETFs generated $1.8 billion in total trading volume on January 16, with Grayscale, BlackRock and Fidelity accounting for $1.6 billion. Bloomberg ETF analyst Eric Balchunas It highlighted the difference between the same day in 2023 and the $450 million trade volume that started in the US in 2023.

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