Ripple CEO Reacts to SEC Acknowledging XRP ETF Proposal

Ripple CEO Brad Garlinghouse has already reacted to the SEC’s decision to acknowledge Grayscale's application to convert XRP into an ETF.

According to Garlinghouse, such a development was "inevitable" despite the fact that there were "some vocal assertions to the contrary."

The Ripple boss has repeatedly predicted that a spot XRP ETF would end up getting approved in the U.S. even though it seemed highly unlikely that such a product would get the SEC's blessing a year ago. 

Ripple President Monica Long has also expressed confidence that the XRP token is next in line to get spot ETF approval. 

Earlier today, analyst Nate Geraci opined that the SEC had sent an "enormous message" about the XRP token by agreeing to consider such a product despite the fact that it is still in the process of ongoing litigation with Ripple. 

As reported by U.Today, Bloomberg analysts recently estimated that an XRP ETF had a 65% chance of being greenlit by the SEC this year. However, these odds are likely to increase after the agency's recent acknowledgment.

The SEC, of course, could still reject an XRP ETF, but many are pinning their hopes on the pro-crypto stance of the new administration.

The agency has already moved to gut its cryptocurrency enforcement unit, which is already pretty much "dead and buried," according to a former official. Ripple executives could not hide their schadenfreude after the demotion of chief litigator Jorge Tenreiro, who was a thorn in the side of crypto bosses. 

Apart from Grayscale, such players as Bitwise and WisdomTree are also vying to launch an XRP ETF. 

Pro-XRP lawyer Jeremy Hogan recently predicted that the approval process could take up to a year.