Brad Garlinghouse, CEO of Ripple Labs, says an XRP ETF is “just inevitable.” He’s confident that the success Bitcoin ETFs have seen will make way for others like XRP to follow.
The momentum is undeniable. Since the first Bitcoin ETF was approved in January, $17 billion has flowed into this asset class, making it the fastest-growing ETF in history.
Bitwise was the first to file paperwork with the U.S. Securities and Exchange Commission (SEC) to launch an XRP ETF. Shortly after, Canary Capital did the same.
Garlinghouse pointed out that the SEC was “dragged, kicking, and screaming” into approving the first Bitcoin ETF. This was after years of resistance. He expects the same thing to happen with XRP, but the SEC’s resistance is futile in the face of rising demand.
Ripple’s battle with the SEC
Ripple’s fight with the SEC goes back to 2020, when the agency sued the company, accusing it of illegally raising money by selling XRP without registering it as a security.
Last year, a U.S. District Judge ruled that XRP is not a security when sold to retail investors, though the court did say that sales to institutional investors fell under securities law. The SEC wasn’t happy with the ruling and has appealed it, looking to reverse parts of the decision.
For Garlinghouse, this ongoing legal battle hasn’t stopped Ripple from moving forward. He believes that ETFs will push demand for XRP and drive its price up. “It’s clear there’s demand from both institutions and retail investors,” he said .
Aside from XRP, Garlinghouse has been vocal about his support for pro-crypto lawyer John Deaton. Deaton is running against Senator Elizabeth Warren in Massachusetts. Garlinghouse posted his endorsement on X, calling the lawyer a “tireless advocate for the crypto industry.”
Deaton has been a long-time supporter of XRP, representing its holders in legal battles and fighting for clearer crypto regulations. Garlinghouse has praised him for standing up against the SEC’s heavy-handed approach.
He’s also criticized Senator Warren, accusing her of spreading misinformation about crypto. “Warren spreads lies about the industry,” Garlinghouse said. He’s encouraged his followers to donate to Deaton’s campaign and vote for him in the upcoming Senate election.
Ripple founder sides with Harris over Trump
Meanwhile, Chris Larsen, Ripple’s co-founder and chairman, has also been active in politics. He’s one of the largest individual donors from the crypto industry in this election cycle.
According to data compiled by blockchain analyst James Delmore, Larsen has contributed nearly $9.9 million to Future Forward, a political action committee (PAC) that supports Vice President Kamala Harris’s presidential campaign.
Also, Larsen has given over $800,000 to the Harris Victory Fund. Earlier this year, he donated $6,600 to Harris’s campaign even before she became the Democratic presidential nominee.
It’s odd considering the majority of the industry publicly backs the pro-crypto Donald Trump. But Larsen said that his comfort with Harris comes from her understanding of the innovation economy, particularly in the Bay Area, where Ripple is based.
He believes Harris understands the importance of having American companies like Ripple lead the way in the global crypto industry.
