Ripple CEO Brad Garlinghouse has taken to X to share his “all-time” favorite quote he received from the XRP community, which he finds intriguing.
The quote, which reads: “Laugh now but one day XRP will power the world,” was embedded in a portrait. Garlinghouse revealed that the portrait has been hanging on a wall in his house, emphasizing its importance.
The Ripple CEO said he has been holding on to the quote that “XRP will one day power the world” for some time. While the portrait has been in his house since he acquired it, Garlinghouse thought of sharing it with his X followers, given the recent momentum in the market.
Ongoing Momentum in the Market
In a separate X post, Garlinghouse highlighted the biggest momentum in the market. This includes the SEC approval of multiple Ethereum ETFs and the U.S. House of Representatives’ passage of a pro-crypto legislation, dubbed Financial Innovation and Technology for the 21st Century Act (FIT21).
Big momentum in crypto this week – ETH ETF passed and bipartisan support on crypto legislation…
Feels like hell has frozen over!! 🥶 https://t.co/70T0qLt1FH
— Brad Garlinghouse (@bgarlinghouse) May 24, 2024
SEC Approves Multiple Ethereum ETFs
In an exciting development, the United States Securities and Exchange Commission (SEC) approved eight Ethereum spot-based ETF applications. The approved funds include iShares Ethereum Trust, the converted Ethereum Trust from Grayscale, VanEck Ethereum Trust, Franklin Ethereum ETF, ARK/21 Shares Ethereum ETF, Fidelity Ethereum Fund, Bitwise Ethereum ETF, and Invesco Galaxy Ethereum ETF.
Bloomberg ETF analyst James Seyffart suggested that although these funds have been approved, they will commence trading in the U.S. once the SEC approves S-1 documents filed by these asset managers. He speculated that the approval of the S-1 filing could take up to five months or less.
Going to add here. Typically this process takes months. Like up to 5 months in some examples but @EricBalchunas and I think this will be at least somewhat accelerated. #Bitcoin ETFs were at least 90 days. Will know more soon.
— James Seyffart (@JSeyff) May 23, 2024
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XRP Community Members See XRP Securing Spot ETF
Following the endorsement of multiple Ethereum funds, members of the XRP community are foreseeing XRP as the next crypto asset likely to secure a spot-based ETF approval from the SEC.
Haha yes, an XRP ETF could be the next big thing! Exciting times ahead in the crypto world. 🌟🚀 #XRP #ETF https://t.co/rQbzKOXVU0
— Brett Hill (@Brett_Crypto_X) May 24, 2024
Other XRP community members also share the same sentiment.
Next up is the #XRP ETF… 😎 https://t.co/a7YXFM2OoA
— rayfuentes (@Ray_Fuentes1111) May 24, 2024
This momentum has seen the “XRP ETF” hashtag ranked among the top trending topics on X.
In the wake of this optimism, there have been concerns about how the ongoing SEC v. Ripple lawsuit could affect the chances of an XRP ETF going live. The multi-year legal tussle is about the regulatory status of XRP, which the SEC labeled a security in December 2020.
However, a New York Federal court ruled that XRP in itself is not a security, but certain transactions involving the coin could be tagged a security. It was in this context that the court classified Ripple’s sales of XRP to institutional clients as investment contracts.
Although the lawsuit is edging close to its end, with the court expected to issue a final judgment this year, it remains to be seen whether the SEC will approve a spot-based ETF application for XRP.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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