- Ripple CEO Brad Garlinghouse sheds light on the ongoing debate about the classification of crypto assets, making a definitive statement about the two leading cryptocurrencies.
- Garlinghouse asserts that XRP and ETH, which are in the SEC’s crosshairs, are not securities.
- These comments come at a critical time when regulatory bodies are scrutinizing the crypto market and various debates are taking place in the crypto space.
Ripple CEO Brad Garlinghouse asserts that XRP and ETH are not securities, sparking debate in the crypto community and challenging regulatory perspectives.
Garlinghouse: XRP and ETH are not securities
The contentious lawsuit between the US SEC and Ripple continues. The SEC alleges that XRP is a security, thus accusing Ripple of an unregistered securities issuance. Recently surfaced documents suggest that SEC Chairman Gary Gensler considers Ethereum a security following its transition to PoS. Amid these debates, Brad Garlinghouse, Ripple’s CEO, made some comments during a chat with Arrington Capital’s founder Michael Arrington at the recent XRP Las Vegas conference. According to the Ripple CEO, neither XRP nor Ethereum should be classified as securities. This statement aligns with the argument long presented by Ripple and other stakeholders in the crypto community.
Bitcoin is the only non-security, according to Michael Saylor
Ripple’s ongoing legal battle with the SEC puts the company under the spotlight, making the CEO’s views particularly noteworthy. Garlinghouse’s statements come at a critical time when regulatory bodies are scrutinizing the crypto market and various debates are taking place in the crypto space. Earlier this week, MicroStrategy CEO Michael Saylor suggested that the SEC would view Ethereum, BNB, SOL, XRP, and ADA as unregistered crypto asset securities, sparking some market speculation. The debate over whether crypto assets like XRP and Ethereum (ETH) should be classified as securities has been a point of contention within the crypto community for years. However, Ripple achieved a partial victory in its case against the SEC in July 2023. The judge ruled that XRP is not a security in and of itself. However, it was determined that some XRP institutional sales were unregistered securities sales.
Consensys’s lawsuit against the SEC reveals interesting information
Recently, Ethereum software company Consensys filed a lawsuit against the SEC, introducing a new twist in the crypto security debate. The lawsuit revealed that the SEC believes Ethereum is an unregistered security. Some documents also revealed that the SEC conducted some investigations on this premise last year. Consensys is asking a judge to declare that Ethereum is not a security and to block future SEC claims.
Conclusion
The ongoing debate about the classification of crypto assets as securities continues to evolve, with Ripple’s CEO Brad Garlinghouse asserting that XRP and ETH are not securities. These comments come at a critical time when regulatory bodies are scrutinizing the crypto market and various debates are taking place in the crypto space. The outcome of these debates and regulatory decisions could have significant implications for the future of the crypto market.
