Ripple CEO Brad Garlinghouse believes the U.S. market will eventually see exchange-traded funds tied to crypto assets beyond bitcoin and ether. Speaking at Consensus 2024, he said the arrival of products linked to XRP, Solana (SOL), and Cardano (ADA) is inevitable, framing their launch as a matter of timing rather than possibility.
ETFs Beyond Bitcoin and Ether
Garlinghouse made his comments after the U.S. Securities and Exchange Commission approved spot bitcoin ETFs and later spot ether ETFs, developments widely viewed as major milestones for the digital asset industry. In his view, those approvals opened the door for a broader range of crypto investment vehicles. He said there will be an XRP ETF, a Solana ETF, and a Cardano ETF, describing that outcome as a positive step for the market.
His remarks reflect growing industry expectations that regulated investment products will continue to expand as institutional and retail demand for easier crypto exposure rises. ETFs are often seen as a familiar structure for traditional investors who want access to digital assets without directly handling wallets, private keys, or on-chain transactions.
Regulatory Path Still Expected to Be Difficult
Even so, Garlinghouse did not suggest the process would be quick or easy. He said approvals for additional crypto ETFs would likely involve a rigorous regulatory review process. That caution is important because, while bitcoin and ether products have gained traction, the regulatory treatment of other tokens remains less settled in the United States.
The central issue is not simply market demand, but how regulators classify individual digital assets and whether they fit within existing legal and compliance frameworks. For ETF issuers, that means any application tied to altcoins such as XRP, SOL, or ADA could face heightened scrutiny compared with products based on bitcoin.
Criticism of U.S. Regulatory Uncertainty
Garlinghouse also used the discussion to criticize what he sees as a lack of regulatory clarity in Washington. He pointed in particular to SEC Chair Gary Gensler, arguing that the agency has not provided clear answers on key classification questions while still asserting that the current rules are already clear. He highlighted the ongoing ambiguity around whether ether should be treated as a security as an example of the broader uncertainty facing the sector.
According to Garlinghouse, getting the U.S. regulatory stance right is essential for the long-term development of the crypto industry. In his view, clearer guidance would not only help companies and investors understand the rules of the road, but also support the responsible growth of new financial products.
Why the Comments Matter
Garlinghouse’s statement comes at a time when the ETF narrative has become one of the most closely watched themes in crypto markets. The approval of spot bitcoin and ether ETFs has already reshaped expectations about how digital assets can enter mainstream finance. As a result, comments about possible future ETFs for other large-cap tokens quickly attract attention from traders, issuers, and policymakers alike.
Still, his comments should be understood as a forward-looking industry view rather than a signal of imminent approval. The fact that he expects XRP, Solana, and Cardano ETFs to arrive does not remove the legal, procedural, and political hurdles that may stand in the way. Any progress will likely depend on how regulators approach token classification, disclosure standards, market surveillance, and investor protection concerns.
Market Outlook
For now, Garlinghouse’s message is straightforward: the expansion of crypto ETFs beyond bitcoin and ether appears increasingly plausible, but the timeline remains uncertain. If U.S. regulators move toward more consistent and transparent rules, the path for additional crypto ETFs could become clearer. Until then, optimism about future XRP, SOL, and ADA funds will remain tied to the broader debate over digital asset regulation in the United States.
In that sense, the bigger story is not only which token gets an ETF next, but whether Washington can provide the level of regulatory clarity needed for the next phase of crypto market development.