The CEO of Ripple says that his firm has been handled unfairly, giving Ethereum the upper hand. Brad Garlinghouse, the CEO of Ripple, has been speaking out on the health of the crypto market and regulations, and a resentment of the financial regulator's approach to Ethereum looks to have surfaced.
On Thursday, during the DC Fintech Week virtual conference, Ripple CEO Brad Garlinghouse said that Ethereum has received governmental approval, allowing it to exceed his company's XRP coin.
The Securities and Exchange Commission (SEC) of the United States has been investigating Ripple (XRP) for concerns that it is an unregistered securities. Ripple requested information from the SEC under the Freedom of Information Act in January, asking why it didn't consider ETH to be a security. A district court authorized the corporation to depose a former SEC officer who determined in 2018 that ETH was not a security six months later, in July.
Garlinghouse plainly believes that his company has been treated unfairly, and that Ethereum's subsequent success is owed, at least in part, to the SEC's more favorable approach. It is influencing the market, he said, adding:
"XRP was the second most valuable digital asset just a few years ago." ETH has definitely skyrocketed since it became evident that the SEC has given it a pass, and that clarity has helped.”
In late December 2017, XRP was the second most valuable crypto currency by market capitalization. It has since dropped to eighth place, whereas Ethereum has remained in second place since then.
Garlinghouse also said that the SEC has been active in its anti-crypto stance, citing recent moves against his business and Coinbase as examples. In response to Ripple's legal dispute with the Securities and Exchange Commission, he stated that the SEC professes to be safeguarding customers, but:
"Nearly 50,000 XRP holders in the United States are attempting to sue the SEC for 'protecting them.'"
A US district court decided earlier this month that individuals who own the company's XRP coin may not be named as defendants in the litigation. The SEC's request to extend the date for completing discovery in its continuing case against Ripple Labs and its officials was granted, and the deadline has been moved out to January 14, 2022.
Any additional delay in settling this lawsuit, according to Ripple, will "cause severe harm to the defendants' and XRP holders' interests." The court accepted this, but ruled that the "extra time requested by the SEC will have no impact on the case's scheduling."
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