SEC’s Unfair Treatment to Ripple Gave Ethereum an Edge – Garlinghouse
Ripple CEO Brad Garlinghouse said that the US Securities and Exchange Commission (SEC) has given the green light to Ethereum, but continues to go after XRP. In his opinion, this gave Ethereum an edge in the market in relation to XRP.
Speaking at the DC Fintech Week virtual conference on October 21, Brad Garlinghouse recalled that the SEC is harassing Ripple by claiming XRP is unregistered security.
As you know, in January, Ripple filed a request to the SEC under the Freedom of Information Act asking why it does not consider ETH to be a security. Six months later, in July, a district judge allowed the company to remove a former SEC employee who said in 2018 that ETH was not a security.
Garlinghouse believes Ethereum’s success is, at least in part, due to more favourable treatment from the Securities and Exchange Commission. He stated that this is affecting the market, adding that previously XRP was the second most valuable digital asset for several years.
XRP is currently down to the seventh place and Ethereum has held second place ever since.
Garlinghouse also said that the SEC has taken an aggressive stance against cryptocurrency, taking recent action against his own company and Coinbase. Commenting on Ripple’s battle with the financial regulator, he said:
“The SEC claims to protect consumers, but there are nearly 50,000 people in the US holding XRP who are trying to sue the SEC for their “protection”.”