Ripple CEO Brad Garlinghouse is optimistic about the greenlight to multiple Bitcoin exchange-traded funds (ETFs) in the US, anticipating a ripple effect that will lead to the introduction of similar cryptocurrency investment products in 2024, potentially due to Bitcoin ETFs approval 2024.
During an interview with CNBC correspondent Arjun Kharpal at the World Economic Forum in Davos, Switzerland, on January 16, Garlinghouse shared his thoughts on upcoming investment opportunities. He highlighted the potential for an expansion of investment options in the cryptocurrency space. However, he refrained from explicitly predicting the approval of an XRP ETF by the Securities and Exchange Commission. Instead, he confidently predicted that regulators would approve an Ether ETF soon. This optimism reflects the broader momentum surrounding cryptocurrency ETFs. The anticipated approval of Bitcoin ETFs in 2024 may also influence this outlook.
While refraining from specifying a timeline, Garlinghouse stated, “I think 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.” The conversation took place at the Filecoin Sanctuary, a stone-throw away from the World Economic Forum compound in Davos.
Garlinghouse’s comments were prompted by the SEC’s recent approval of Bitcoin ETFs, despite the absence of a vivid endorsement of Bitcoin by the agency’s chair, Gary Gensler.
Garlinghouse Criticizes SEC as Bitcoin ETFs Gain Momentum for 2024
Using the familiar term, “the definition of insanity is doing the same thing repeatedly and anticipating a different result,” Garlinghouse criticized Gensler’s regulatory strategy.
Garlinghouse pointed out that the SEC had been under increasing scrutiny from the US justice system regarding its regulatory stance on the cryptocurrency industry. This scrutiny could potentially affect Bitcoin ETFs approval 2024.
He explained, “The truth is, we have a Bitcoin ETF only because a US court told the SEC, ‘Your application of the law is arbitrary and capricious.'” He added that it would be unfortunate if every ETF had to go through a similar process. However, he noted that another legal setback for Gary Gensler from the US court system might be a necessary step.
According to Cointelegraph, Bitcoin ETFs recorded a significant total trading volume of $1.8 billion on January 16. Grayscale, BlackRock, and Fidelity contributed a massive $1.6 billion to this total. This figure starkly contrasts with the $450 million trading volume of all 500 ETFs launched in the US on the same day in 2023. Bloomberg ETF analyst Eric Balchunas highlighted this disparity in trading volumes. Experts predict that Bitcoin ETFs approval in 2024 could further drive these trading volumes higher.
Image Source: web
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
