Ripple CEO Brad Garlinghouse has openly expressed his support for Ethereum in its legal battle against the Securities and Exchange Commission (SEC). He did this during the XRP Las Vegas event.
Ethereum, like Ripple, has been accused by the SEC of trading unregistered securities. This continued pressure from US regulators has been causing uncertainty in the crypto market for years.
Ripple CEO Defends Ethereum and Criticizes SEC
Brad Garlinghouse, CEO of Ripple, responded to a statement from Michael Saylor, CEO of MicroStrategy, in which Saylor claimed that altcoins such as Ethereum and XRP are considered securities and will never match the performance of Bitcoin.
Saylor’s comments followed news that Bitcoin had received its first Spot Exchange Traded Fund (ETF) on January 11, resulting in significant capital inflows and a new all-time high for the coin.
According to Saylor, altcoins like Ethereum and XRP will never receive such an ETF because the SEC continues to view them as unregistered securities.
Garlinghouse contradicted this view and sharply criticized the SEC for their approach to classifying both XRP and ETH as securities.
He also attacked SEC Chairman Gary Gensler, whom he called an “unethical person” during a conversation with Michael Arrington, founder of Arrington Capital. Garlinghouse’s open support for Ethereum is understandable; a reclassification of ETH as no security would also be beneficial for XRP.
XRP price rises again
The price of XRP has risen 1.7% in the past day, bringing its value to $0.530. This increase is mainly due to the weakening US economy, which is raising investor hopes that the Federal Reserve (Fed) will cut interest rates.
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