Ripple CEO Brad Garlinghouse Upbeat About Bitcoin ETF Triumph, Recognizes Milestone Overtaking Silver

Ripple CEO Brad Garlinghouse expresses his bullish stance on Bitcoin exchange-traded funds (ETFs) as the product achieves a significant milestone by surpassing silver to become the second-largest commodity ETF. This accomplishment comes shortly after the United States Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETF applications on January 10.

Bitcoin ETF Surpasses Silver:

• Bitcoin ETFs have overtaken silver to become the second-largest commodity ETF after the recent SEC approvals.
• Grayscale's conversion of nearly $30 billion from its Bitcoin Trust into an ETF significantly contributed to the substantial assets in the Bitcoin ETF.
• Gold remains in the top position with approximately $95 billion in combined assets.

Garlinghouse's Optimism:

• Ripple CEO Brad Garlinghouse expresses optimism about the success of Bitcoin ETFs, considering it a significant validation from institutions and government entities.
• He highlights the complexity of direct ownership of Bitcoin, such as managing cryptographic keys, and sees ETFs as a way for investors to gain exposure to Bitcoin without these challenges.

Commitment to Regulatory Guidelines:

• Garlinghouse emphasizes that a majority of the crypto industry is committed to adhering to regulatory guidelines.
• He playfully suggests that if the U.S. government could humorously input regulatory insights into ChatGPT.

Criticism of US Regulators:

• Despite his optimism, Garlinghouse has been a strong critic of U.S. government regulators throughout the Bitcoin ETF process.
• He points out the recent legal dispute between the SEC and Coinbase, criticizing SEC Chair Gary Gensler's pursuit of a personal agenda rather than aligning with public interests.

Global Regulatory Frameworks:

• Garlinghouse notes that countries like Japan, the UK, and Switzerland are actively engaged in establishing regulatory frameworks for the crypto industry.
• He sees these technologies becoming integral and suggests the importance of clear regulatory guidelines.

Previous Criticism of SEC Chair Jay Clayton:

• In October 2023, Garlinghouse strongly criticized former SEC Chair Jay Clayton for his comments on the SEC's approach to crypto legislation.
• Clayton emphasized the need for the state's power to bring cases and make rules that would pass judicial muster.

Garlinghouse's stance reflects ongoing industry dynamics, where regulatory clarity and institutional validation play crucial roles in the evolution of crypto-related financial products like Bitcoin ETFs.