The US SEC’s (Securities and Exchange Commission) approval of 11 spot Bitcoin (BTC) ETFs (Exchange Traded Funds) have opened the doors for more crypto-based ETFs in the future. Investors of Ripple’s XRP token are also in line for a spot XRP ETF.
Ripple CEO Brad Garlinghouse, while speaking with CNBC at the World Economic Forum, said that other cryptocurrency ETFs are a “certainty.” However, he did not give a timeline for when it might happen.
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.“
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When asked about an XRP ETF, Garlinghouse did not give a straight answer, choosing to says that there will be more crypto ETFs for sure.
Ripple halts IPO, will XRP take a hit?
While speaking at the World Economic Forum in Davos, Garlinghouse also said Ripple is halting its planned IPO (Initial Public Offering) for the time being. Garlinghouse said the reason behind the company’s decision was the “hostile” conditions in the US. Moreover, he said that the company is instead looking for IPO options outside the US.
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Garlinghouse stated, “In the United States, trying to go public with a very hostile regulator that’s approved your S-1, that doesn’t sound like a lot of fun to me.”
The Ripple CEO pointed to how the SEC went after Coinbase after the company went public. He stated, “And now the SEC is suing them for doing things that were outlined in their S-1.“
Ripple’s XRP token may take a hit due to the postponement of the company’s IPO. Moreover, Ripple is in a legal dispute with the SEC, which claims that selling XRP to clients breaches securities laws. Last year, a US district court ruled that the selling of XRP to retail clients did not breach securities laws. However, the lawsuit has entered the high court and investors are awaiting a verdict.