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- Market players urge companies to file for an altcoin-based Exchange-traded fund.
- Ripple’s co-founder maintains that an altcoin ETF will eventually gain approval.
Market sentiments have been mixed since the approval of a handful of ETFs. While some Bitcoiners are excited about the future, other market observers are anticipating the approval of an altcoin-based ETF. Speaking to this effect, a notable market participant has made a bold statement regarding exchange-traded funds dues to altcoins.
In a recent post shared to X, Yassin Mobarak, a longtime crypto enthusiast challenged investment firms to file for an XRP Spot ETF application. Should the SEC reject the application, he insists that another lawsuit should be filed, as if to imply that the SEC would lose the legal battle. His reasoning ties back to the court ruling that legally branded the XRP token as a non-security asset.
Responding to his post, another user reiterated sentiments previously shared by other members of the cryptocurrency community, all of whom are hopeful that Gary Gensler will no longer bear the title of the SEC Chairman.
The user’s comments, which were endorsed by Mobarak read;
“It will be a great day when Gary Gensler is no longer in the SEC. I know politicians like SenWarren have tried to politicize digital assets, but I don’t know anyone – right or left – who thinks they are doing a good job on this. They are just doing the work of the Big Banks.”
XRP’s Brad Garlinghouse optimistic about the future of ETFs
Yassin Mobarak’s post was made in response to comments from Brad Garlinghouse, who was recently interviewed by CNBC at the World Economic Forum in Davos.
As the CNBC host observed, Gary Gensler made a notable remark regarding the recent approval of a sizable number of Bitcoin Spot ETFs. The SEC Chairman made it clear that the approval of these Bitcoin ETFs will not open the pathway for the future approval of other ETFs associated with other crypto assets.
When asked if an ETH-based ETF or an XRP-based ETF will be approved, Garlinghouse responded with certainty that many more ETFs will make it into the market, although he remains uncertain how long it will take. He further spoke on the future of ETFs and the future ahead for Gary Gensler and the SEC.
“The sad part of that reality is that we have a Bitcoin ETF only because a U.S court said to the SEC; “you’re being arbitrary and capricious in your application of the law. What would be sad is if every ETF had to go through that same journey, and for Gary Gensler to get smacked down by the U.S. court system again. That might be necessary.” Garlinghouse said.
Conclusively, he asserted his convictions that eventually, Gary Gensler will no longer hold the position as the SEC Chairman, and that will be beneficial for U.S citizens.
