SEC helped Ethereum to overtake XRP as 2nd most valuable cryptocurrency- Ripple CEO
Brad Garlinghouse, the CEO of Ripple, has been speaking out on the status of the crypto market and regulations, and a resentment of the financial regulator’s approach to Ethereum looks to have surfaced.
On Oct. 21, during the DC Fintech Week virtual conference, Ripple CEO Brad Garlinghouse said that Ethereum has received governmental approval, allowing it to exceed his company’s XRP coin.
Ripple has been investigated by the Securities and Exchange Commission (SEC) for accusations that XRP is unregistered security. Ripple requested information from the SEC under the Freedom of Information Act in January, asking why ETH was not considered a security. A district court permitted the business to depose a former SEC employee who determined in 2018 that ETH was not security six months later, in July.
Garlinghouse obviously believes that his company has been treated unfairly and that Ethereum’s subsequent success is due in part to the SEC’s more favorable handling. It is impacting the market, he said, adding:
“XRP was the second most valuable digital asset just a few years ago.” ETH has certainly skyrocketed since it became evident that the SEC has given it a pass, and that clarity has helped.”
“You have nearly 50,000 U.S. people who hold XRP who are trying to sue the SEC for ‘protecting them’.”
Earlier this month the U.S.The district judge ruled that anyone holding the company’s XRP token cannot be charged in the lawsuit.
In late December 2017, XRP was the second most valuable cryptocurrency by market capitalization. It has since dropped to eighth place, whereas Ethereum has remained in second place since then.
Garlinghouse also said that the SEC has been active in its anti-crypto stance, citing recent proceedings against his business and Coinbase as examples.
In response to Ripple’s legal dispute with the Securities and Exchange Commission, he stated that the SEC professes to be safeguarding customers, but:
The SEC’s request to extend the time for completing discovery in its continuing action against Ripple Labs and its officials was granted, and the deadline has been moved out to January 14, 2022.
Any additional delay in settling this matter, according to Ripple, will “cause substantial harm to the defendants’ and XRP holders’ interests.
“The court recognized this, but noted that the “extra time requested by the SEC will have no impact on the case’s timeline.”