Brad Garlinghouse, the CEO of Ripple, has started airing his grudges over the approach of SEC in helping Ethereum overtake Ripple. In his speech at the DC Fintech Week virtual conference on the 21st of October, the founder of Ripple went on to declare that the cryptocurrency had been issued with a regulatory green light that helped them go beyond the XRP token- issued by the SEC.
Brad Garlinghouse Airs His Grudges Against Ethereum
It should be no surprise to anyone that the United States Securities and Exchange Commission has been chasing Ripple over multiple claims that XRP- for all purposes- is a security that is unregistered. Back in January, the cryptocurrency had to file a Freedom of Information Act request with the SEC as they demanded to enquire why the SEC didn’t consider Ethereum security.
Around six months after that, a district judge went on to allow the company to depose a former official of the SEC who declared in 2018 that the cryptocurrency was not a security.
Garlinghouse feels that Ripple has been given the short end of the stick, and the subsequent success of Ethereum is largely due to the favorable treatment that they have been served by the SEC. He stated that this blatant partiality was definitely affecting the cryptocurrency market.
Speaking at the event, he mentioned that the last few years had seen XRP turn out to be the second most valuable digital asset. After that, it became pretty clear that the SEC had provided ETH with a hall pass- which led to the cryptocurrency rushing onwards at a breakneck pace.
Garlinghouse has further claimed that the SEC had been putting up quite an aggressive posture against the cryptocurrencies with recent actions against Ripple and Coinbase. Commenting on the battle of Ripple with the financial regulator, he stated that although the SEC claimed to be protecting its consumers, it was trying to harm the people who were using Ripple- while letting Ethereum go scot-free.