Ripple CEO predicts SEC’s defeat, citing legitimate setbacks.
Garlinghouse compares the XRP case to potential Ethereum regulation.
Coinbase’s CLO challenges the SEC and emphasizes regulatory clarity.
In response to Coinbase’s CLO, Paul Grewal’s take on the SEC’s investigation into Ethereum, the CEO of Ripple makes a statement. In detail, Ripple CEO Brad Garlinghouse predicted that the US Securities and Exchange Commission (SEC) would lose the “war” against Ethereum (ETH).
As we can see from the tweet above, Garlighouse is certain that the SEC will lose its battle against Ethereum much like how it lost its battle with Ripple’s XRP. He says the SEC continues to make the same mistakes.
While some industry leaders rush to Ethereum’s defense amidst the latest state authority investigation, others draw light to ETHGate and wonder if this is the end to Ethereum and ETH dominance amongst the altcoin sector. Meanwhile, the XRP Army hopes to see XRP take the lead.
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In particular, Garlinghouse’s reference to the SEC’s defeat of XRP stems from the continuous lawful fight between Ripple and the regulator. On July 13, 2023, Hon. Analisa Torres, a district judge in the United States District Court for the Southern District of New York, issued the administering within the claim SEC vs. Ripple Labs, which started in December 2020.
Garlinghouse’s later comments propose he sees similarities between the SEC’s fizzled endeavor to classify XRP as security and its potential move to do the same with Ethereum. Using the Ripple case, Garlinghouse underscored his conviction that the SEC has exceeded its bounds and will likely confront and encourage mishaps in its endeavors to control the crypto space.
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