Ripple CEO Claims US SEC Assisted ETH In Overtaking XRP As the World’s Second-Largest Crypto

Brad Garlinghouse, the chief executive of Ripple, has been expressing his thoughts about the market of the crypto market, the regulations thereof, and a hatred for the biased approach of the SEC (Securities and Exchange Commission) of the United States, whose supposed assistance for Ethereum seems to have revealed. Ripple’s boss, while appearing at the virtual conference of DC Fintech Week on 21st October, stated that Ethereum had been provided with the green light from the regulatory department, which assisted it in out-competing his firm’s XRP token. The Securities Commission of the United States has been confronting XRP by claiming that the status of XRP is that of a security and it has not been registered.

In January, a request was filed by Ripple with the Securities Department under the Freedom of Information Act to know about the reason behind not considering Ethereum as a security. In July, after six months, the firm was permitted by a district judge to depose an ex-official of the SEC, which, in 2018, announced ETH not to be a security. Garlinghouse unambiguously considers that his firm has been ill-treated, and the subsequent achievement of Ethereum is, as a minimum, partially more favored by the U.S. SEC. He mentioned that in the time of recent years, the position of being the 2nd prominently valued digital asset was secured by XRP. Currently, the Securities Department has noticeably pushed ETH by permitting it.

He added that the rank of XRP was 2nd in 2017; however, it is presently at the 7th position while Ethereum has been enjoying the 2nd rank since that time. Garlinghouse also described that some aggressive attitude had been shown by the SEC against the cryptocurrency in the recent actions targeting Coinbase and Ripple. He moved on to refer to almost 50,000 XRP holders from the United States who are frustrating to sue the agency for its regulatory actions. Previously this month, a district judge of the United States ordered that persons holding the XRP token of the company could not be permitted to be the participants of the lawsuit as defendants.

The request of the SEC was to prolong the deadline for the completion of the discovery in the current case against Ripple Labs as well as the executives thereof, for which it has been granted the extension till 14th January of 2022. Nonetheless, Ripple’s claim pointed out that the additional delay could harm the defendants as well as the holders of XRP, after which the judge assured that the schedule would not be affected by the extra time which the SEC sought to resolve the case.

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