The U.S. Securities and Exchange Commission made history last week by greenlighting a Bitcoin Futures ETF from ProShares.
Speaking on Fox Business, Ripple CEO Brad Garlinghouse said the decision could be good for XRP, as it demonstrates that at least one cryptocurrency has clarity and certainty.
But post-interview, sharing his thoughts on the matter, interviewer Charles Gasparino speculates that the Bitcoin ETF approval must have annoyed Ripple execs. In that, the approval is further evidence that the SEC is picking winners and losers.
Is the approval of a Bitcoin ETF favoritism?
In an interview with CNBC, SEC Chair Gary Gensler made a distinction between the ProShares Futures Bitcoin ETF and an as of yet unapproved regular Bitcoin ETF.
Gensler expanded on this, saying the SEC is in the business of investor protection. And with four years of Bitcoin futures oversight from the Commodity Futures Trading Commission CFTC s sister agency, the SEC, he implied saying yes to a Bitcoin futures ETF product is easier to do from an investor protection standpoint.
All the same, the underlying asset in the ProShares Bitcoin Futures ETF is still BTC. And, as Gasparino points out, the SEC continues to attack XRP and Ripple, even as the ongoing lawsuit continues to expose the agency as unfit for purpose.
As things stand, Garlinghouse isn t looking to settle down.
Given the unraveling of the lawsuit against Ripple, some speculate the SEC has no choice but to settle. That way, the regulator can continue to limit further damage to its reputation and limit its arbitrary lawsuits.
Last month, Ripple's legal team said it has no plans to settle with the SEC and intends to take the case all the way to trial.
Speaking to Fox Business on Tuesday, Garlinghouse reaffirmed this position. He added that there is nothing to settle as long as the SEC maintains that XRP is a security.
Reading between the lines, the SEC may well have put forward a settlement offer. But on the proviso that Ripple concedes and backs down XRP is a security.