Ripple, one of the first crypto and blockchain companies to reach a valuation of over $10 billion at one time, has lost a lot of blood due to the lawsuit.
Although Ripple denies it, XRP, the cryptocurrency associated with the company, has also suffered a sharp decline.
Helping Hand to Overtake XRP
Ripple CEO Brad Garlinghouse also revealed the negative impact of regulations in the crypto money industry on them in his latest statement.
The Ripple CEO hinted that this was planned, noting that the SEC filed a lawsuit just after XRP took second place in terms of total market cap.
Ripple CEO stated that Ethereum was given the green light regarding regulations, but the opposite was done to XRP, stating that the reason why ETH passed XRP again was the SEC.
William Hinman, a senior former executive of the SEC, has emphasized in previous years that BTC and ETH are not securities.
Despite this, XRP was officially sued for being a security, and it is known that Ripple was harmed by the company as well.
Ripple CEO stated that XRP has been ranked as the second most valuable cryptocurrency in recent years, but it has been surpassed due to the SEC giving “full permission” to ETH.
According to the Ripple CEO, there are more than 50,000 XRP investors in the US, and they are all ready to sue the SEC for “protecting themselves” after this move.
Because the SEC stated that it filed this lawsuit to protect investors.