The Ripple CEO claims his company was unfairly treated which has given Ethereum the edge.
Ripple chief executive Brad Garlinghouse has been airing his thoughts over the state of the crypto market and regulations, and a grudge over the financial regulator’s method to Ethereum appears to have surfaced.
Speaking at the DC Fintech Week virtual conference on Oct. 21, Ripple CEO declared that Ethereum had been granted a regulatory green light that enabled it to surpass his company’s XRP token.
The U.S. Securities and Exchange Commission has been pursuing Ripple over claims that XRP is unregistered safety. In January, Ripple filed a Freedom of Information Act request with the SEC demanding to know why it didn’t consider ETH security. Six months later in July, a district decide to allow the corporate to depose a former SEC official who declared in 2018 that ETH was not a security.
Garlinghouse clearly feels that his firm has been exhausting completed by and Ethereum’s subsequent success is at least in part down to extra favorable treatment by the SEC. He acknowledged that it’s affecting the market, including:
“Inside the previous couple of years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH clearly has kind of exploded and that clarity has helped.”
Garlinghouse also stated that the SEC has been taking an aggressive posture against crypto with current actions against his own company and Coinbase. Commenting on Ripple’s battle with the financial regulator, he stated that the SEC claims to be defending customers but:
“You’ve practically 50,000 U.S. individuals who hold XRP who’re trying to sue the SEC for ‘protecting them’.”
Earlier this month a U.S. district judge ruled that people holding the company’s XRP token couldn’t take part as defendants in the lawsuit.
The SEC’s request to extend the deadline to complete discovery in its ongoing lawsuit with Ripple Labs and its executives has been granted and pushed to Jan. 14, 2022.
Ripple claims that any further delay in resolving this case will “trigger severe harm to the pursuits of the defendants and XRP holders.”
The court acknowledged this but acknowledged that the “additional time sought by the SEC is not going to have an effect on the schedule to resolve the case.”