Ripple CEO says ‘turkey trot’ for XRP ETFs starts now

Core Insights - The launch of the first US spot XRP ETF by Bitwise Asset Management marks the beginning of a competitive landscape for XRP ETFs, as noted by Ripple CEO Brad Garlinghouse [1][2] - The ETF is seen as a significant milestone for the XRP community, providing regulated access to the digital asset and targeting a market valued at approximately $250 trillion [3] - The launch comes at a time of renewed interest in crypto-linked investment products, driven by increasing institutional demand [4] Regulatory Context - The launch of the XRP ETF follows a period of regulatory uncertainty due to Ripple's legal challenges with the SEC, which accused Ripple of selling XRP as an unregistered security [5] - A pivotal ruling in July 2023 determined that XRP sold on secondary markets does not qualify as a security, paving the way for the introduction of products like spot XRP ETFs [6]