- Brad Garlinghouse predicts the inevitable approval of XRP, Solana and Cardano ETFs, despite significant regulatory hurdles.Garlinghouse criticized the SEC’s unclear crypto regulations, highlighting the need for better regulatory clarity in the U.S.
Lately, Ether Exchange-Traded Funds (ETFs) have experienced significant advancement, receiving approval for crucial filings from the U.S. Securities and Exchange Commission (SEC). However, they still require final approval to commence trading.
At the Consensus event, Cathie Wood, the head of ARK Invest, expressed her belief that the approval of ether ETFs was due in part to crypto becoming a significant topic in political elections.
Garlingshire expressed that these approvals will involve a substantial regulatory procedure. However, he characterized this as merely temporary obstacles to be overcome.
Garlinghouse also railed against what he perceives as a lack of regulatory clarity from Washington.
The Securities and Exchange Commission (SEC) Chair, Gary Gensler, has been summoned to testify before Congress. When pressed about whether ether qualifies as a security, he declined to provide an answer. However, he maintained that the existing regulations are unequivocal and do not necessitate any modifications.
As an analyst, I uncovered some intriguing developments regarding the SEC’s handling of confidential emails and notes from William Hinman’s 2018 speech on ether and its classification as a non-security. In the year 2022, it came to light that these documents, which initially remained concealed, were obtained by Ripple – a company currently embroiled in litigation with the SEC – following their legal request for access to redacted materials. This disclosure shed light on extensive internal discussions within the SEC regarding ether’s securities status, providing valuable context and potential implications for the ongoing lawsuit.
In Garlinghouse’s view, the U.S., being the world’s largest economy, falls into the bottom tier when it comes to regulatory transparency.
Gensler expressed his conviction that the regulations established from the Orange Grove tests in the 1940s – the basis for the Howey Test – should be directly applicable to crypto. However, he found this idea illogical and disrespectful due to the SEC’s stance on cryptocurrencies becoming a significant political issue, even influencing the presidential election.
Last year, approximately 75% of Ripple’s new hires were based outside the United States. In contrast, around 60% of their hiring in the current year is taking place internationally. The company has established significant presences in cities like London, Geneva, and Singapore.
The hiring trends reflect Ripple’s focus on regulatory clarity and customer locations, he said.
“Getting the regulatory posture right in the United States is just critical,” he concluded.
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2024-05-31 01:52