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Cryptocurrency News Articles
SEC's Crypto Stance Slammed as Ripple CEO Blasts XRP Handling
May 06, 2024 at 03:41 am
Ripple CEO Brad Garlinghouse maintains his criticism against the SEC's stance on cryptocurrencies, arguing that neither XRP nor Ethereum should be classified as securities. Amid Ripple's ongoing legal battle with the SEC, Garlinghouse questions the agency's ethics and its scrutiny of Ethereum, while Consensys Inc. challenges the SEC's authority to regulate ETH. Despite market volatility, ETH has seen notable gains this year, while XRP has faced selling pressure.
SEC's Cryptocurrency Stance Under Fire as Ripple CEO Decries Agency's Handling of XRP
In a recent address at the XRP Las Vegas 2024 event, Ripple's CEO, Brad Garlinghouse, vehemently criticized the Securities and Exchange Commission's (SEC) stance on cryptocurrencies. Garlinghouse unequivocally asserted that neither XRP, Ripple's flagship digital asset, nor Ethereum (ETH), should be classified as securities.
SEC Scrutiny and Ripple's Legal Battle
Garlinghouse's remarks come amidst Ripple's ongoing legal battle with the SEC. The agency had filed a lawsuit against Ripple, alleging that XRP constituted a security, an assertion that Ripple has consistently refuted. While a federal judge ruled that the digital asset is not a security, the court found that Ripple had violated laws by offering and selling XRP to institutional investors.
In his speech, Garlinghouse extended his criticism to SEC Chair Gary Gensler, characterizing his approach to cryptocurrency regulation as "unethical."
Ethereum's Regulatory Landscape
The SEC's scrutiny has also extended to Ethereum. The agency is actively investigating whether specific ETH transactions could qualify as investment contracts, potentially subjecting the cryptocurrency to securities laws. However, unlike XRP, Ethereum has not been explicitly classified as a security by the SEC.
Consensys Inc., a software company founded by Ethereum co-founder Joseph Lubin, has proactively filed a lawsuit against the SEC, challenging the agency's authority to govern Ethereum. Consensys contends that ETH does not meet the criteria for a security and cites a previous statement from former SEC director William Hinman supporting this position.
Market Performance Amidst Uncertainty
Ripple's XRP token has faced significant selling pressure in recent times, declining by over 10% year-to-date. According to data from CoinMarketCap, XRP currently trades at an average price of $0.535.
In contrast, Ethereum (ETH) has exhibited remarkable growth this year, appreciating by over 39%. This surge is likely driven by the SEC's approval of a spot Bitcoin ETF, which has fueled broader optimism in the cryptocurrency market. CoinMarketCap data indicates that ETH's current price stands at $3,139.
Conclusion
The SEC's stance on cryptocurrencies remains a contentious issue, with industry leaders like Garlinghouse expressing strong opposition to the agency's approach. The regulatory landscape for Ethereum remains uncertain, with the SEC's ongoing investigation potentially shaping its future. As the market continues to grapple with volatility and regulatory uncertainty, investors and enthusiasts alike will closely monitor the evolving regulatory environment for digital assets.
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