Ripple CEO Says SEC helped Ethereum overtake XRP as the # 2 cryptocurrency

The CEO of Ripple, Brad Garlinghouse has shared his thoughts on the state of the crypto market and regulations, and a grudge appears to have surfaced over the financial regulator’s approach to Ethereum..

In his speech at the DC Fintech Week virtual conference on October 21 The head of Ripple stated that Ethereum has received a regulatory green light that will allow it to outperform its company’s XRP token.

The US Securities Market Commission has prosecuted Ripple for allegations that XRP is an unregistered security.. In January, Ripple filed a Freedom of Information Act request with the SEC asking it to learn why it doesn’t consider ETH a security. Six months later in July, a district judge allowed the company to remove a former SEC official who declared in 2018 that ETH was not a security.

Ripple CEO Says SEC helped Ethereum overtake XRP as the # 2 cryptocurrency
Ripple CEO Says SEC helped Ethereum overtake XRP as the # 2 cryptocurrency

Garlinghouse clearly believes that his company has been harmed and that Ethereum’s subsequent success can be attributed, at least in part, to more favorable treatment by the SEC.. He stated that this is having an impact on the market, adding:

In the past few years, XRP has been the second most valuable digital asset. When it turned out that the SEC had given ETH a hall pass, ETH was obviously a lot of fun and this clarity helped.

XRP was the second largest crypto asset by market capitalization at the end of December 2017. It has currently slipped to seventh place., while Ethereum has been in second place since then.

Garlinghouse also stated that the SEC is taking an aggressive stance on cryptocurrencies., and one example is his recent actions against his own company and Coinbase. Speaking of Ripple’s battle with the financial regulator, he said the SEC claims to protect consumers, but:

“You have nearly 50,000 US people who have XRP trying to sue the SEC for” protecting “them.

Earlier this month A U.S. district judge ruled that anyone holding the company’s XRP token cannot be a defendant in the lawsuit.

The SEC’s motion to extend the timeframe for completing the discovery in its ongoing process with Ripple Labs and its executives was granted. and extended until January 14th, 2022.

Ripple claims that any further delay in resolving this case “will seriously harm the interests of the defendants and XRP owners”..

The court recognized this, but stated that the “The additional time requested by the SEC does not affect the timeline to resolve the case”.

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