Ripple CEO Brad Garlinghouse commented on the prospects for an XRP exchange-traded fund (ETF) in an interview with Bloomberg on February 20.
When asked if Ripple would support an XRP ETF, Garlinghouse said:
“We would certainly welcome that.”
However, he did not describe any definitive plans for that goal. When asked if Ripple is currently in talks with asset managers like BlackRock to issue an ETF, he replied:
“I’m not going to comment on that. I know BlackRock has said some things publicly. You know, we think this makes sense for the XRP community at large… Ripple is obviously a very important stakeholder in the XRP ecosystem, but we’re not the only player.”
In November 2023, a leaked filing suggested that BlackRock was pursuing an XRP ETF. However, the asset manager quickly confirmed that the declaration was fake.
There is currently no XRP ETF in the US. However, companies including Coinshares and 21Shares are offering XRP exchange-traded products (ETP) in the European markets.
Garlinghouse expects more crypto ETFs
Garlinghouse added that other crypto products will likely become available. He said:
“I think it only makes sense that there will be other ETFs as well. It’s a bit like the early days of the stock market. You don’t really want exposure to one stock or one company. Normally you want to think about diversifying risk.”
Elsewhere in the interview, Garlinghouse said he expects “multiple ETFs around different tokens.” He also suggested that ETF baskets could further diversify risk. However, he added that it is “difficult to predict” when such funds will emerge.
Garlinghouse also commented on the recent approval of spot Bitcoin ETFs, saying it was a “sad reality” that the SEC only approved these applications after legal proceedings. Grayscale sued the SEC over its earlier rejected application and emerged victorious in 2023, which in part led to the agency approving spot Bitcoin ETFs in January.
Garlinghouse broadly endorsed crypto ETFs. He suggested that these funds make markets safer and more robust and praised the investment community for embracing them.
The message that Ripple would ‘welcome’ an XRP ETF first appeared on CryptoSlate, according to the CEO.