Ripple CEO Brad Garlinghouse delivers a bold prediction at Consensus 2024 in Austin, Texas, declaring that spot ETFs for XRP, Solana, and Cardano are not just possible but inevitable. His comments, made on May 31, 2024, come at a pivotal moment for crypto regulation, as all major Ethereum ETF issuers race to complete their SEC filings and questions swirl around the Biden administration true stance on digital assets.
TL;DR
- Ripple CEO Brad Garlinghouse predicts XRP, Solana, and Cardano ETFs are “inevitable” at Consensus 2024
- All prospective Ethereum ETF issuers meet the SEC end-of-month deadline for S-1 registration amendments
- Critics accuse the Biden administration of continuing Operation Chokepoint 2.0 against crypto despite public pro-innovation rhetoric
- Franklin Templeton sets a 0.19% sponsor fee, the first disclosed fee among ETH ETF applicants
- Spot ETH ETFs projected to launch by July 4 at the latest
Garlinghouse Vision for Altcoin ETFs
Speaking on stage at Consensus 2024 in Austin, Ripple CEO Brad Garlinghouse expresses strong conviction that the approval of spot Ethereum ETFs is just the beginning. He forecasts that ETFs for XRP, Solana, and Cardano will follow, describing the trend as “only a matter of time.” His comments resonate with a growing chorus of industry voices who see the SEC approval of 19b-4 filings for spot ETH ETFs on May 23 as a watershed moment for the broader altcoin market.
Garlinghouse argues that the institutional demand driving Bitcoin and Ethereum ETF approvals extends to other established digital assets. The logic of regulated, exchange-traded investment vehicles applies equally to tokens with significant market capitalizations and active developer communities. His prediction aligns with broader market speculation that the ETF wave, once limited to Bitcoin, is expanding across the crypto landscape.
The timing is notable. With Ethereum ETF issuers filing their updated S-1 registration statements on May 31, the infrastructure for institutional altcoin investment is rapidly taking shape. Market participants increasingly view altcoin ETFs not as a distant possibility but as an expected next step in the maturation of crypto markets.
Ethereum ETF Pipeline Advances
Behind Garlinghouse forward-looking statements, the Ethereum ETF machine continues to grind forward. Six companies file updated S-1 registration statements on May 31, meeting a critical SEC deadline. BlackRock, which filed its amendment on May 29, leads the pack with details including seed purchase amounts, additional partners, and sponsor fee structures. Grayscale follows with its S-3 amendment on May 30.
Franklin Templeton makes headlines by becoming the first issuer to publicly disclose its sponsor fee at 0.19%. Bloomberg ETF analyst Eric Balchunas notes the absence of the aggressive fee competition that characterized the Bitcoin ETF launch earlier in the year, suggesting issuers are still gauging the Ethereum market appetite.
All amended filings confirm that fund companies will not engage in staking, a significant concession to SEC concerns. The filings also initially prohibit in-kind creations and redemptions but leave the door open for such transactions depending on future regulatory approval. Balchunas projects the funds could launch by July 4 at the latest, with the SEC now reviewing and commenting on the applications.
Operation Chokepoint 2.0 Allegations Persist
While the ETF approvals paint a picture of regulatory progress, critics argue that the Biden administration underlying approach to cryptocurrency remains hostile. Legal observers and industry advocates point to what they describe as Operation Chokepoint 2.0, a coordinated effort to restrict crypto companies access to banking services.
Despite the public celebration of Bitcoin and Ethereum ETF approvals, these critics maintain that the administration core stance has not shifted. The argument is that regulatory victories like the ETF approvals are driven by legal mandates and court decisions rather than genuine policy support for the industry. The disconnect between the administration public positioning and its behind-the-scenes actions continues to frustrate crypto advocates.
Market Impact and Altseason Speculation
The combination of ETF progress and altcoin expansion talk fuels growing speculation about an impending altseason. Traders on social media point to Binance rapid listing of new tokens as a potential trigger for broader altcoin momentum. With Bitcoin trading around $67,491 and Ethereum near $3,760 on May 31, the market shows resilience despite the day significant options expiry and the DMM Bitcoin hack news.
The growing consensus around altcoin ETF inevitability adds fundamental support to the altseason narrative. If institutions can gain regulated exposure to assets like Solana and Cardano through ETFs, the demand dynamics for these tokens could shift dramatically.
Why This Matters
Garlinghouse prediction of altcoin ETFs represents more than optimistic speculation. It signals a fundamental shift in how the industry views the regulatory trajectory for digital assets. The Ethereum ETF approval process has established a clear playbook, and issuers now have the confidence to pursue similar products for other tokens. However, the tension between regulatory progress and continued allegations of Operation Chokepoint 2.0 underscores the complex and often contradictory nature of US crypto policy. For investors, the message is clear: the ETF era is expanding, but the regulatory landscape remains far from settled.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
Garlinghouse calling altcoin ETFs inevitable at Consensus is easy to dismiss but the man won against the SEC. he has credibility here
Garlinghouse won in court so people take him seriously now, but calling ETFs for ada and sol inevitable in 2024 was premature. took another two years for sol to even get close
Maxim R. garlinghouse called it inevitable and people laughed. sol ETF launched roughly 18 months later. guy earned his credibility in court
garlinghouse was right tho. sol etf got approved less than 2 years later. for crypto that IS inevitable
HarambeHodler garlinghouse called it, sol etf landed less than two years later
cardano ETF before a SOL spot ETF would be hilarious. ADA has less DeFi TVL than a random Sui mempool and zero validator revenue. at least Solana has DEX volume and actual onchain fees to point at
cardano_void_ agreed on ADA but Garlinghouse earned the right to call the timing. he beat the SEC in court and then SOL ETFs actually launched within 18 months. the man has receipts
Chokepoint 2.0 still running while they publicly say pro-innovation. the gap between rhetoric and action is wild
chokepoint 2.0 was never about consumer protection. it was about controlling who gets access to banking infrastructure
stack_sats_ chokepoint 2.0 was specifically about debanking crypto firms. calling it consumer protection was always the PR cover. garlinghouse lived through it firsthand so his read is solid
ETH ETFs by july 4 is aggressive. S-1s still need approval and Gensler moves at geologic speed
Franklin at 0.19% sets the floor. expect fee wars the moment these launch
0.19% from franklin was aggressive. everyone else had to match or go lower. fees are gonna be razor thin on these products
etf_skeptic_ franklin at 0.19 wasnt aggressive it was desperate. they needed attention in a crowded field and undercutting on fees was the only lever they had
etf_skeptic_ 0.19 percent from franklin really set the floor for the rest
0.19 percent from franklin set the floor and everyone had to match. classic fee race to the bottom before the products even launched
gensler was gone by early 2025 and sol ETFs still took another 6 months. the man was a bottleneck but the process itself is just slow
slow_admin_ gensler was gone by early 2025 and sol etfs still took 6 more months. the man personally delayed an entire market segment
Franklin Templeton setting 0.19% was the fee war opening shot. every other issuer had to match or beat it. investors won but the issuers are running on razor thin margins now
cardano ETF is a stretch. solana at least has validator revenue and defi volume to point at. what does ADA bring to an SEC filing beyond a market cap
Henrik S. disagree on ADA filing strength. Cardano has peer reviewed research papers which is more than most L1s bring to regulators. whether that matters to the SEC is another question
Henrik S. exactly right. Solana has validator revenue and DeFi volume. ADA has a market cap and Charles Hoskinson videos. not the same filing strength
Garlinghouse called altcoin ETFs inevitable after beating the SEC in court. man earned the right to make that prediction
garlinghouse calling his SEC win a precedent for the whole industry was smart framing. whether ada gets an ETF is another question entirely given the securities debate
Solana has validator revenue and DeFi volume to point at in an SEC filing. ADA has a market cap and Charles Hoskinson videos. not the same filing strength
Garlinghouse earned the right to call altcoin ETFs inevitable after beating the SEC in court. the man literally set the legal precedent