Ripple CEO Claims The SEC Helped ETH To Surpass XRP As No.2 Coin

The Ripple CEO claims the SEC helped ethereum and its coin to surpass XRP as the second cryptocurrency by market cap so let’s read more in our latest ripple news today.

The Ripple chief executive Brad Garlinghouse explained this thought over the state of the crypto market and regulations and the ripple CEO Claims the SEC helped ETH to surpass XRP as the second biggest crypto. Speaking during that DC Fintech Week virtual conference, the Ripple boss declared that ETH had been granted a green light which enabled it to surpass his XRP token. The US SEC started pursuing ripple over claims that XRP is unregistered security and Ripple even filed a Freedom of Information Act with the regulator, demanding to know why it didn’t consider ETH as security. A few months later, the district judge allowed teh company to depose a former SEC official who declared in the past that ETH was not a security.

Garlinghouse feels that his company was crushed by Ethereum’s success because of the more favorable treatment by the SEC and stated:

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped.”

XRP was the second biggest crypto asset by market cap and it slipped to the seventh place while ETH was held the second spot ever since. He stated that the SEC was taking an aggressive posture against crypto with the recent actions against his company and Coinbase so commenting on the current battle with teh financial regulator, he said that the SEC claims to protect the consumers:

“You have nearly 50,000 U.S. people who hold XRP who are trying to sue the SEC for ‘protecting them’.”

Earlier this month, the US district judge ruled that invidious holding the token could not participate as the defendants in the lawsuit. The request by the SEC to extend the deadline and complete the discovery in its ongoing lawsuit with Ripple Labs and its executives was granted and pushed to 2022. Ripple further claims that the delays in resolving the case will cause serious harm to the interests of the defendants and the XRP holders. The court acknowledged it but stated that more time that was demanded by the SEC will not affect the schedule to resolve the case.