Ripple CEO says the SEC helped Ethereum to overtake XRP as No.2 crypto

Ripple CEO says the SEC helped Ethereum to overtake XRP as No.2 crypto

Brad Garlinghouse, chief executive of Ripple, has been expressing his opinions on the state and regulation of crypto markets and seems to have developed a grudge about the approach taken by the financial regulator to Ethereum.

Ripple’s boss, Ripple, stated that Ethereum has been given a regulatory green signal that allows it to outperform his company’s existing XRP token.

Ripple has been being pursued by the U.S. Securities and Exchange Commission over claims that XRP was an unregistered security. Ripple requested information from the SEC under the Freedom of Information Act in January. The request sought to understand why ETH was not considered a security. Six months later, in July, a district court allowed Ripple to depose a former SEC official that declared in 2018 that ETH wasn’t a security.

Garlinghouse clearly believes that his company has been unfairly treated and Ethereum’s success was at least partially due to the SEC’s more favorable treatment. He said that it was affecting the market and added:

“XRP was the second-most valuable digital asset in the last few years. It was clear that the SEC had granted a pass to ETH. ETH has obviously exploded since then, and that clarity has been helpful.”

XRP was, by market capitalization, the second-largest crypto asset in December 2017. It is currently at seventh place, while Ethereum holds the second spot since then.

Garlinghouse stated that the SEC had been aggressively attacking crypto, with recent actions against Coinbase and his company. He commented on Ripple’s fight with the financial regulator and stated that while the SEC claims it is protecting consumers,:

“There are nearly 50,000 Americans who have XRP and they want to sue the SEC because it ‘protected them.

A U.S. District Judge ruled earlier this month that the plaintiffs in the lawsuit could not be the holders of the XRP token.

Related:XRP buyers back Ripple, arguing it isn’t a security

The SEC requested that the deadline for discovery in its ongoing lawsuit against Ripple Labs, its executives and other parties be extended. This was granted. It will now be extended to January 14, 2022.

Ripple asserts that any delay in resolving the case will cause “serious harm to the interests the defendants as well as XRP holders”.

Although the court acknowledged that, it stated that the SEC would not be able to request additional time.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Amy Jimenez

Amy Jimenez– Services My name is Amy Jimenez, and I am the main writer behind the" allthetopnews.com" for the ground-breaking and most fragile bits of knowledge into the most recent news in the services sector. I began my voyage of work as an autonomous investment advisor. I had around 4 years of involvement in this field. I am a free soul so; my energy for investigating the world has taken me to the countries over the globe and allowed me to report for a part of the best news affiliations. At present, I am a full-time manager as experienced in the account and began to utilize my capacities.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami