Last week, the US Securities and Exchange Commission (SEC) approved 11 Bitcoin (BTC) spot ETFs after a wait of more than six months. The market immediately reacted very enthusiastically and the brand new exchange traded funds were immediately in demand. According to Ripple CEO Brad Garlinghouse, the gates are closed. He expects more to be approved.
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Government and Regulation
SEC still not happy with Bitcoin: Ripple CEO
Garlinghouse was a guest of CNBC at the World Economic Forum (WEF) conference in Davos, Switzerland. Here we discuss what important developments companies and governments assess and what they want to change. This year's focus is on AI, geopolitical unrest, the future of work and climate. Crypto and blockchain also have similarities, which is why Ripple CEO Brad Garlinghouse was a guest at the organization.
The host describes that the SEC has approved the first spot ETFs for Bitcoin, but that SEC CEO Gary Gensler is not a fan of the coin and crypto in general. He first warned that several major crypto companies have gone bankrupt in the past and some cryptocurrencies have lost their value. Even after the ETFs were approved, Gensler announced that the ETFs were not a recommendation for Bitcoin itself.
It is also no secret that Gensler simultaneously believes that virtually all altcoins should comply with securities laws. Nevertheless, the American politician has now approved the first spot ETFs, the moderator notes.
Ripple boss expects the arrival of more crypto ETFs
However, Garlinghouse has hardly changed his opinion of Gensler since the cover. He believes that the SEC CEO is not acting in the interests of citizens and economic growth. Nevertheless, he believes that the arrival of more cryptocurrency exchanges is generally guaranteed. He neither dares to set a deadline nor guarantees that Ripple's own XRP will also receive an ETF:
“The sad thing is that we have (Bitcoin spot ETFs) because a US judge said (the SEC's) rules were arbitrary and unpredictable. It would be a shame if every ETF (had to go through the long process of previous ETF applications), but that may be necessary.”
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