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Ripple CEO Brad Garlinghouse expressed pleasant surprise over Grayscale's creation of an XRP Trust, emphasizing that XRP's regulatory clarity in the United States sets the stage for market growth. He anticipates the cryptocurrency space will expand as more assets gain legal recognition.
Ripple CEO Reacts to Grayscale's XRP Trust
The CEO of Ripple, Brad Garlinghouse, recently responded to Grayscale's creation of an XRP trust on the social media site X. A funny GIF that Garlinghouse made to convey his apparent shock and confusion went viral in the XRP community.
Subsequently, the Ripple executive elaborated that the announcement had "pleasantly" shocked him. "As I’ve said before, with XRP having regulatory clarity in the US and other countries, I expect it’s only a matter of time for this space to grow," added the analyst.
Grayscale May Launch Bitcoin Fund Soon
Grayscale was said to be planning to launch a bitcoin closed-end fund earlier this Thursday, according to Fox Business.
This may be a precursor to the future introduction of an XRP exchange-traded fund, according to U.Today. The contentious token's price has increased by nearly 5%.
Investors Seek Diversification, Says Garlinghouse
Several times, Garlinghouse has called the release of this product "inevitable." Investors would rather not be exposed to a single asset, according to the Ripple CEO. In his analysis, he found similarities between cryptocurrency and precious metals, suggesting that those interested in gold could also benefit from acquiring silver.
An official from Ripple also mentioned the token's market size when asked about the possibility that ETF providers may consider it.
SEC Lawsuit Brought Regulatory Clarity
Judge Analisa Torres sided with Ripple last year when she ruled that secondary XRP sales were not unregistered securities, providing regulatory clarity for the coin in the United States.
Shortly after Ripple's infamous SEC lawsuit, Grayscale liquidated the XRP Trust and removed the token from its large-cap fund in early 2021. But earlier this year, the token made its way back to the fund.
According to Grayscale's Rayhaneh Sharif-Askary, who commented on the XRP trust announcement, XRP may revolutionize the current financial system.
