Ripple CEO Brad Garlinghouse says the U.S. Securities and Exchange Commission is likely to approve spot exchange-traded funds tied to crypto assets beyond bitcoin, framing the expansion of crypto ETFs as a matter of when, not if. In an interview with Bloomberg, Garlinghouse argued that the market will eventually see multiple ETFs built around different tokens, and he made clear that Ripple would welcome the launch of a spot XRP ETF.
A Broader ETF Market Beyond Bitcoin
Garlinghouse’s comments come as the crypto industry continues to assess what follows the landmark approval of spot bitcoin ETFs in the United States. While bitcoin products have dominated the institutional conversation, he suggested that limiting exchange-traded access to a single digital asset does not align with how investors usually think about portfolio construction.
Drawing a comparison to equities, Garlinghouse said investors generally do not want exposure to only one stock or one company. Instead, they typically seek diversification. Applying that logic to digital assets, he said it “only makes sense” that other crypto ETFs will eventually emerge. In his view, the next phase will not necessarily stop at single-asset products either. He said the market could ultimately see ETFs linked to different tokens as well as products based on crypto baskets.
That framing is important because it shifts the discussion away from whether non-bitcoin ETFs are conceptually acceptable and toward how quickly the regulatory process will move. Garlinghouse acknowledged that timing is difficult to predict, but his central claim was unambiguous: approval of multiple crypto ETFs is inevitable.
XRP ETF Discussion Gains Visibility
When asked directly whether he would welcome an XRP ETF, Garlinghouse answered in the affirmative. Ripple, he said, would certainly support such a product. His remarks place XRP more clearly into the broader ETF debate at a time when market participants are watching every signal from the SEC, the courts, and major financial issuers.
For XRP supporters, the significance of these comments lies less in any immediate filing announcement and more in the growing public case for expanding regulated investment vehicles beyond bitcoin. Garlinghouse argued that ETFs can improve market structure by making markets safer and more robust, while also giving the investment community a more familiar and regulated way to gain exposure.
That argument echoes one of the industry's long-running themes: that exchange-traded products can help bridge traditional finance and digital assets by offering operational simplicity, established custody structures, and oversight within existing market frameworks. Garlinghouse’s comments suggest Ripple sees an XRP ETF as part of that maturation process rather than merely a branding milestone for the token.
Bitcoin ETF Approval Still Shapes the Debate
Even as he expressed confidence in broader ETF approvals, Garlinghouse also criticized how the SEC arrived at the current point. He argued that the approval of spot bitcoin ETFs was not the result of a proactive regulatory embrace, but rather came only after court decisions effectively forced the agency’s hand. In his telling, the path to approval reflected legal pressure more than policy leadership.
This observation matters because it helps explain why expectations for additional crypto ETFs remain mixed. On one hand, the existence of approved spot bitcoin ETFs has already broken a major barrier. On the other hand, if regulators were pushed into that outcome by litigation rather than persuaded by market development, then the same pattern of delay, resistance, and legal challenge could shape future approvals.
Garlinghouse’s criticism aligns with a broader frustration across the digital asset sector, where firms have repeatedly argued that the SEC has relied too heavily on enforcement rather than clear rulemaking. In his view, the agency’s posture has not produced constructive guidance and has instead created uncertainty for issuers, exchanges, and token projects.
Ethereum ETF Applications Add Context
The discussion around possible XRP and other token-based ETFs comes as several firms have already filed with the SEC to launch spot ethereum ETFs. Those applications are widely seen as the next major test of whether the regulator is prepared to extend the spot ETF framework beyond bitcoin.
Garlinghouse’s comments land in a market environment where analysts and institutions have offered diverging views about how likely approval may be. Standard Chartered said earlier that it expected a spot ether ETF could be approved in May. Still, skepticism remains. One major unresolved issue is that SEC Chair Gary Gensler has not clearly stated whether ether should be treated as a security. Gensler has repeatedly said that most crypto tokens other than bitcoin are securities, a position that continues to cast uncertainty over the approval process for any non-bitcoin fund.
This regulatory ambiguity is central to the ETF debate. For products tied to assets beyond bitcoin, the SEC’s legal classification of the underlying token could become a decisive factor. That is one reason why conversations about XRP ETFs inevitably intersect with the agency’s broader litigation and enforcement strategy.
Ripple Renews Criticism of Regulation by Enforcement
Garlinghouse also used the interview to reiterate his criticism of the SEC’s enforcement-centric approach to crypto oversight. He said the agency has been losing consistently, pointing to setbacks in the Ripple and Grayscale cases. He also noted that, in the Coinbase case, the judge appeared skeptical of some of the SEC’s arguments.
These comments reinforce Ripple’s longstanding position that the agency has overreached in trying to regulate digital assets primarily through lawsuits. For Garlinghouse, recent court outcomes suggest that the SEC’s legal strategy is under strain. He implied that continued judicial pushback could eventually force a change in regulatory behavior.
According to Garlinghouse, there are two main ways the current approach could end: either the SEC recognizes that it is repeatedly losing in court, or Congress steps in with new legislation that clarifies the rules. He added, however, that major crypto legislation may be difficult to pass in an election year. Even so, he said there may still be room for progress on stablecoin legislation, and Ripple plans to continue advocating in Washington.
What the Comments Mean for the Market
Garlinghouse did not offer a timetable for an XRP ETF, nor did he suggest any imminent SEC shift. But his remarks help crystallize a developing thesis inside the crypto market: once spot bitcoin ETFs are established, pressure may build for regulated access to a broader set of digital assets. Whether that expansion begins with ethereum, XRP, basket products, or a combination of structures remains uncertain.
Still, the strategic message from Ripple is clear. The company sees multi-asset ETF growth as part of the next phase of crypto’s integration into mainstream finance. In that vision, exchange-traded products are not only investment wrappers but also tools that could deepen liquidity, improve market infrastructure, and give institutions and retail investors more standardized ways to participate.
For now, the key variables remain the SEC’s stance, the courts’ influence, and the possibility of congressional action. But Garlinghouse’s view is that the broader trend is already visible: crypto ETFs beyond bitcoin are coming, and Ripple wants XRP to be part of that future.