Ripple CEO to back Ethereum against SEC

Ripple and the US Securities and Exchange Commission have been at each other’s throats for years now

A new statement by Ripple CEO Brad Garlinghouse has shown the executive ready to fight side-by-side with Ethereum against SEC, and what he has described as stringent classifications of crypto assets that fail to produce a working regulatory framework in the first place.

In his search for clarity, Garlinghouse has also said that he will defend any fellow company that has been caught in the same sort of regulatory limbo created by SEC’s indecisiveness in deciding on what certain crypto assets are. The Ripple CEO has been one of the most famous detractors of the regulator, accusing SEC of stifling innovation in the sector, not least because he has been named a defendant in a lawsuit launched against him by SEC.

Of course, Garlinghouse’s defiance is not tantamount to him being right, if the recent developments involving Binance CEO Changpeng Zhao are any indication. Garlinghouse has been relentless in his reproach of the regulatory, however. He has repeatedly described Gary Gensler, SEC’s chairman, as an “unethical character,” and said that there is a growing divide between the crypto sector and regulators.

Supporting Ethereum is a way for Garlinghouse to also see the debate around crypto assets and their classifications solved once and for all. Furthermore, it shows a level of convergence of crypto interests, with companies not standing idly by when others in the sector suffer from the malaise of missing regulation.

Essentially, Garlinghouse is hoping to help Ethereum force SEC into deciding as to what crypto assets are – are they securities or commodities. As of right now, SEC plays fast and loose with the terminology, avoiding making a final decision as to avoid falling into a legal trap of its own making.

Ethereum has insisted that Ethereum is not a security, as has Garlinghouse of SEC’s accusations that Ripple was a security. The debate is ongoing, with SEC now taking on two large crypto giants.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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