Ripple CEO claims the SEC pushed Ethereum to surpass XRP

Brad Garlinghouse, the Chief Executive Officer (CEO) of Ripple, has expressed his thoughts on financial regulators’ attitude and action difference over Ethereum and Ripple. He has been sharing his thoughts over the state of regulations on the crypto market these days.

While speaking at the D.C. Fintech Week, the CEO displayed his grudge over regulators and said that they had granted a regulatory green light to Ethereum to surpass the company’s token, XRP.

The high-profile XRP lawsuit is the result of the U.S. Securities and Exchange Commission (SEC) pursuing Ripple over the claims that its token is not registered security. In return, the company filed a Freedom of Information Act against SEC to explain why it had not considered ETH security. 

In July, the district judge allowed the company to overthrow a former SEC official who, in 2018, declared Ethereum, not as security.

Brad thinks that the subsequent success of Ethereum after the incident is the result of the more favorable treatment by the SEC. He said that within the last few years, XRP had been the largest digital asset after Bitcoin but with the clear partiality by SEC to provide hall pass to ETH, ETH exploded to sit in the second position.

In 2017, XRP used to be the second-largest cryptocurrency by market capitalization, but it has slipped to the seventh rank after Ethereum snatched the crown of the largest altcoin.

Ripple CEO questions the SEC’s claims of protecting customers

During the virtual conference, Ripple CEO also added that the regulators are taking aggressive action against crypto, including his company, Coinbase, and Binance.

While commenting on the XRP Lawsuit, he said that SEC says that it protects customers but, 

“You have nearly 50,000 U.S. people who hold XRP who are trying to sue the SEC for ‘protecting them’.”

Before this, TheCoinRise also reported that Brad called the meeting between SEC Chair Gary Gensler and former Chief Jay Clayton as “Bad Optics.” It looks like he is in no mood to stop the discussions on the unfair attitude SEC has displayed.