Ripple CEO Brad Garlinghouse made some bold statements regarding the state of XRP and Ethereum. These statements came during Ripple’s legal review process initiated by the US Securities and Exchange Commission (SEC). Similarly, the Ethereum Foundation is facing regulatory challenges that could impact major industry players.
These statements by Brad Garlinghouse came amid uncertainties regarding the SEC investigation of Ripple and XRP. At the same time, Ethereum also faces regulatory challenges.
Ripple CEO Strikes Back
According to reports, Brad Garlinghouse claimed that both Ethereum and Ripple’s XRP should not be classified as securities.
Ripple CEO criticized the SEC’s inclusion of both entities in its securities review and called Commission Chairman Gary Gensler “unethical.”
It is important to note that this is not the first time Garlinghouse has come forward to express his support for ETH. In March, he predicted that the SEC would fail in its attempt to classify ETH as a security. This statement was made after the commission lost the case against XRP in court.
The fact that both XRP and ETH are being examined, crypto- It comes at a time when the industry is already grappling with regulatory challenges. The SEC filed a lawsuit against Ripple and designated XRP as a security. But a federal judge ruled last year that crypto is not a security. However, Ripple was found to be violating the law by offering and selling XRP to institutional customers.
Reports, EthereumIt indicates that is not expressly recognized as a security by the SEC. However, the agency is investigating whether certain ETH transactions constitute investment contracts.
What’s Happening with XRP and Ethereum?
Consensys Inc., a software development company founded by Ethereum co-founder Joseph Lubin. He sued the SEC. It is argued that ETH lacks security characteristics and should not be regulated as such. Consensys cited a previous statement from the SEC made by former director William Hinman confirming that ETH is not a security.
XRP is facing high selling pressure, with its price down 13% on a year-to-date (YTD) basis. At the time of writing, it is trading at an average price of $0.53. 24-hour trading volume fell by 17% to $900 million.
As we reported as Koinfinans.com, ETH price increased by 39% on a YTD basis. Additionally, at the time of writing, it is trading at an average price of $3,160.
