- Brad Garlinghouse is the CEO at Ripple. He believes, similar to the XRP suit, that the SEC’s attempts to classify Ethereum(ETH) as a securities will also fail.
- Stuart Alderoty has called upon the US Congress for intervention to address the regulatory issues that are currently being faced. Stuart Alderoty wants Congress not to fund the SEC.
Brad Garlinghouse is the CEO of Ripple. He believes that the U.S. Securities and Exchange Commission will not succeed in their attempt to classify Ethereum as a financial instrument, as they did for XRP.
Garlinghouse, in a post published on the X Platform recently, responded to recent reports regarding the SEC’s efforts to classify Ethereum as a financial instrument. Garlinghouse also highlighted SEC’s record of losing legal battles against the crypto industry, and said that regulators are now focusing on disputes with other agencies such as U.S. Commodity Futures Trading Commission.
Garlinghouse asked a rhetorical query about when the SEC will realize that it is likely to lose the battle in its attempt at classifying ETH as a financial instrument. Ripple’s CEO drew parallels with the SEC’s failed efforts to classify XRP as a security. The Ripple CEO made the remarks as a response to Coinbase’s Chief legal officer, Paul Grewal. Grewal had expressed support for Ethereum as well as presented arguments against it being classified as a securities. reported by Crypto News Flash.
SEC is now losing heavily in Courts because it fought with the Industry. Now they’re fighting other regulators, like the CFTC and are falling behind their international counterparts. When will the SEC realise that they are losing the war with ETH, just like they did against XRP. https://t.co/rG66npldf4
— Brad Garlinghouse (@bgarlinghouse) March 21, 2024
Many in the cryptocurrency community were surprised to hear Ripple’s executive express support for Ethereum. It is particularly true when you consider the criticisms made by Ethereum’s Vitalik buterin against XRP in the wake of the SEC filing a lawsuit for Ripple.
Ripple CLO is asking the US SEC for intervention
Stuart Alderoty responded to Brad Garlinghouse’s X post by urging Congress in the US to step up and intervene on the regulatory issues. He stressed the need for Congress not to fund the SEC. “insanity.”
Congress should stop this madness. https://t.co/ivS0kg2YoL
— Stuart Alderoty (@s_alderoty) March 21, 2024
Alderoty was a loud critic of Gary Gensler’s policies and actions as the head of U.S. SEC. He recently criticized SEC’s actions in the Debt Box Case for misinforming the court and abusing their power.
Rostin Behram, the Chairman of the Commodity Futures Trading Commission, testified in opposition to the SEC, and refuted the SEC classification for ETH. Behnam also condemned Prometheum’s offer of ETH custodial services. “Both Bitcoin and Ether are commodities”.
The likelihood that a spot-based Ethereum ETF will be introduced soon would decrease if the SEC is able to classify ETH. Crypto enthusiasts are optimistic about the possibility of the SEC approving an Ethereum ETF this year. This would be similar to what happened with Bitcoin ETF in January.
Prior to this, experts predicted the approval by May 2024. Investors’ hopes for an Ethereum ETF to be launched in May have dwindled amid SEC efforts to bring ETH under its regulatory control. reported Crypto News Flash.
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Source: www.crypto-news-flash.com
