Ripple CEO Brad Garlinghouse said he believes the U.S. Securities and Exchange Commission will eventually approve spot exchange-traded funds tied to crypto assets beyond bitcoin, adding that Ripple would welcome a spot XRP ETF if such a product moves forward.
Garlinghouse Sees More Crypto ETFs After Bitcoin
In an interview with Bloomberg, Garlinghouse argued that it makes sense for the market to expand beyond a bitcoin-only ETF landscape. He framed the issue through the lens of portfolio construction, noting that investors typically do not want exposure to just one stock or one company. In the same way, he suggested, crypto investors are likely to seek broader diversification over time, which supports the case for ETFs based on other digital assets.
His central point was straightforward: after the launch of spot bitcoin ETFs in the United States, the path toward additional crypto ETF products appears increasingly likely. While he did not offer a timeline, Garlinghouse said he thinks there will be other ETFs and that approval of products tied to multiple tokens is ultimately “inevitable.”
Ripple Would Welcome an XRP ETF
Asked specifically whether Ripple would support an XRP ETF, Garlinghouse answered clearly that the company would “certainly welcome it.” He also said he expects the market may eventually see not only single-asset products but potentially ETFs built around baskets of crypto tokens.
That view reflects a broader industry push to bring more crypto exposure into regulated investment vehicles. For many market participants, ETFs are seen as a bridge between digital assets and traditional capital markets, making it easier for institutions and retail investors to gain exposure without directly holding tokens on-chain.
Why He Thinks ETFs Improve the Market
Garlinghouse argued that crypto ETFs can improve the market’s overall structure. In his view, such products make markets safer and more robust, which is ultimately beneficial for the investment community. The logic behind that position is familiar across the industry: regulated products can increase transparency, attract broader participation, and offer investors a framework they already understand from traditional finance.
His comments come at a time when the bitcoin ETF launch has already reshaped expectations for what might come next. With bitcoin spot ETFs approved, attention has shifted to whether regulators will permit similar products for ether and eventually for other major crypto assets, including XRP.
Ethereum Filings Add to the Debate
Garlinghouse’s remarks arrive as several firms have already filed with the SEC to launch spot ether ETFs. Standard Chartered said last month that it expects the regulator to approve a spot ethereum ETF in May. Even so, the outlook remains contested.
One major source of uncertainty is the SEC’s stance on whether ether should be treated as a security. SEC Chair Gary Gensler has repeatedly said that most crypto tokens other than bitcoin are securities, but he has not explicitly clarified his position on ether in the way many market observers would like. That ambiguity continues to shape expectations not only for ether-related products, but also for the broader future of non-bitcoin crypto ETFs.
Criticism of the SEC’s Enforcement Approach
Beyond the ETF issue, Garlinghouse also criticized the SEC’s broader regulatory strategy toward the crypto industry. He said the agency has been losing consistently in court and pointed to the SEC’s setbacks in the Ripple and Grayscale cases. He also noted that, in his reading, the judge in the Coinbase case appears skeptical of some of the SEC’s arguments.
That criticism is consistent with Ripple’s long-running dispute with the regulator and with a wider industry complaint that U.S. crypto policy has been shaped too heavily through enforcement actions rather than clear rulemaking. For companies operating in the sector, the lack of explicit rules has created uncertainty around listings, token classifications, and product development.
What Could Change the Regulatory Path
Garlinghouse said he believes the SEC may eventually move away from regulation by enforcement under one of two scenarios: either the agency realizes it is losing too often in court, or Congress steps in and writes new legislation for the sector. At the same time, he acknowledged that passing major crypto legislation in an election year is likely to be difficult.
Even so, he suggested there may still be room for more targeted policy progress, especially around stablecoin legislation. He added that Ripple will continue advocating in Washington as the debate over crypto oversight evolves.
Market Implications
Garlinghouse’s comments underscore a key shift in industry sentiment following the approval of spot bitcoin ETFs in the United States. The conversation is no longer limited to whether crypto ETFs can exist, but now centers on which assets might be next and how quickly regulators are prepared to move.
For XRP supporters, his remarks offer a clear signal that Ripple sees value in an ETF structure and would embrace such a development. For the broader market, the statement reinforces the idea that bitcoin may be only the first stage of a larger ETF expansion. Whether that expansion includes ether, XRP, or basket-based products will likely depend on how the SEC defines the legal status of major tokens and whether U.S. lawmakers provide a more durable regulatory framework.
Until then, the outlook for additional crypto ETFs remains tied to a combination of court rulings, agency policy, and political momentum. But from Garlinghouse’s perspective, the direction of travel is already clear: more crypto ETFs are coming, even if the timing is still uncertain.