Ripple’s Ex-Director Denies XRP ETF Speculation, Corrects Crucial Facts
Highlights
- Ripple's former director Sean McBride dispels rumor of XRP ETF coming within weeks
- Sean McBride earlier predicted XRP ETF approval in 2024 or 2025 and Ripple IPO outside the US in 2025
- Brad Garlinghouse's insights on idea of XRP ETF
Ripple’s former director Sean McBride joined the XRP ETF bandwagon as multiple reports claimed asset manager BlackRock hinted at the potential launch of an XRP exchange-traded fund (ETF). McBride reacted to a post on Saturday clarifying that he never said XRP ETF coming within weeks.
XRP ETF Not Coming This Year?
Ripple’s former director Sean McBride dispels rumors of the XRP ETF coming within weeks, clarifying XRP army that he never said an XRP ETF approval is close.
No I didn’t
— Sean McBride (@seanmcbride16) February 24, 2024
However, he confirms approval of XRP ETF is likely within the next 44 weeks. On Feb 21, Sean McBride made two new predictions, one about XRP ETF approval in 2024 or 2025 and Ripple going public outside the U.S. in 2025.
Further clarifying facts on his former position in Ripple, he said “I was also a Director. No such thing as a “Lead Director”. Just want to make sure we get the facts straight here.”
The speculations of XRP ETF are high as Bitcoin ETF issuers proceed with seeking approval for spot Ether ETF after a successful launch of spot Bitcoin ETFs in the United States. Grayscale is even seeking conversion of Ethereum trust into spot Ether ETF.
Also Read: US DOJ Tightens Grip on Binance Ex-CEO Changpeng “CZ” Zhao
Ripple CEO Brad Garlinghouse on XRP ETF Possibilities
Ripple CEO Brad Garlinghouse in an interview with Bloomberg shared crucial insights regarding the potential launch of an XRP exchange-traded fund (ETF). He said Ripple remains open to the idea of an XRP ETF. However, the SEC’s ongoing lawsuit against Ripple, especially the SEC’s argument that XRP is a security contradicts the likelihood of imminent spot XRP ETF approval.
Moreover, regulatory authorities, such as the U.S. Securities and Exchange Commission, deemed the requirement of a futures market on the Chicago Mercantile Exchange (CME) for ETF approval due to sufficient surveillance against fraud and manipulation.
Also Read: Bitcoin ETF Issuer Sells Over 5000 BTC, Bitcoin Price Under Selloff Risk?
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