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Ripple CEO Brad Garlinghouse believes that the SEC is deliberately picking winners and losers

According to Charles Gasparino, Senior Correspondent at FOX Business Network (FBN), in an exclusive interview with Brad Garlinghouse, the Ripple CEO said that the meeting between the U.S. Securities and Exchange Commission (SEC) chairman, Gary Gensler, and former chairman Jay Clayton before the XRP case was bad optics. And he won’t settle the case if the XRP price is more security now.

Ripple is not willing to settle, looking forward to an XRP ETF in the U.S.

Garlinghouse lamented to the SEC for picking winners and losers when asked about the prospect of an XRP exchange-traded fund launching in the U.S.

“Why is the SEC picking winners and losers?” he asked.

ripple-ceo-brad-garlinghouse-believes-that-the-sec-is-deliberately-picking-winners-and-losers

Brad Garlinghouse, the Ripple CEO

According to Gasparino, Garlinghouse said that Ripple would not settle if XRP is considered a security. The most recent comment echoes the executive’s earlier statement on how there should be absolute certainty about the regulatory status of cryptocurrencies:

“To the extent, we can find a constructive path forward with the SEC, we, of course, want to find that. There is no scenario though when we were going to settle unless there is absolute certainty about what is XRP on the go-forward basis”, he stated.

Ripple is determined to educate the market and the judge about XRP’s utility. “We have a clear vision of how XRP can be a potent tool…There’s a lot of other people in the crypto community and the XRP community doing amazing things with XRP,” he said at that time.

Garlinghouse stressed that the XRP Ledger is a decentralized open-source technology that pre-existed the company’s creation, comparing its native cryptocurrency to oil and gold.

He went on to mention that Bitcoin has massive power consumption. Thus, prioritizing Bitcoin does not fit Gensler’s climate agenda. He previously said that XRP is 100,000 times more efficient than the most prominent cryptocurrency, estimating that just one Bitcoin transition consumes 75 gallons of gas.

Additionally, Garlinghouse is concerned about Gensler’s silence on the state of ETH. Because there are several pending Ether ETF filings in the United States awaiting regulatory approval, in the meantime, the ProShares Bitcoin Strategy ETF, the first approved Bitcoin futures ETF, will begin trading on the New York Stock Exchange.

Garlinghouse said it was ironic how the SEC struggled for disclosure and clarity but failed to reciprocate when it came to its actions:

“What we seek more than anything is clarity and certainty.”

Previously, this April, an XRP exchange-traded fund product (ETP) was listed on Zurich-based SIX Swiss by crypto asset management company CoinShares. However, Swiss crypto regulator 21Shares has decided to remove XRP from its list of ETP products after the SEC sued Ripple, alleging that the cryptocurrency is unregistered security. Perhaps to the Ripple CEO, this is an injustice to XRP.

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