Brad Garlinghouse, the CEO of Ripple Labs, is optimistic about the cryptocurrency market’s potential for significant growth by the close of 2024, driven in part by the introduction of spot Bitcoin ETFs.
In an interview with CNBC, Garlinghouse highlighted the positive impact he anticipates from the upcoming halving event on the crypto industry. He emphasized the increasing demand for crypto assets alongside a diminishing supply, a trend that he believes will lead to higher values and further industry development.
Garlinghouse underscored the role of cryptocurrency ETFs in attracting “real institutional money” into the crypto space, thereby solidifying crypto assets’ position within traditional finance (tradfi) as a recognized financial instrument.
A critical aspect Garlinghouse addressed is the need for a robust regulatory framework for the crypto industry in the United States. He suggested that potential changes in leadership resulting from the country’s presidential elections could lead to a shift in regulatory attitudes towards digital assets, with incoming officials potentially more supportive of the field.
Expressing dissatisfaction with the current U.S. administration’s approach, particularly through regulatory bodies like the SEC, Garlinghouse highlighted Ripple’s ongoing legal battle with the Commission. Ripple has been actively contesting the SEC’s allegations since March 2023 when the agency sought $2 billion in penalties from the company.
Despite regulatory challenges, Garlinghouse remains bullish on the crypto market’s prospects, buoyed by increasing institutional interest and anticipated regulatory improvements, paving the way for continued growth and adoption in the digital asset space.
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