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Ripple CEO says the SEC helped Ethereum to overtake XRP as No.2 crypto

Ripple chief government Brad Garlinghouse has been airing his ideas over the state of the crypto market and rules, and a grudge over the monetary regulator’s strategy to Ethereum seems to have surfaced.

Speaking at the DC Fintech Week digital convention on Oct. 21, the Ripple boss declared that Ethereum had been granted a regulatory inexperienced mild that enabled it to surpass his firm’s XRP token.

The U.S. Securities and Exchange Commission has been pursuing Ripple over claims that XRP is an unregistered safety. In January, Ripple filed a Freedom of Information Act request with the SEC demanding to know why it didn’t consider ETH a security. Six months later in July, a district choose allowed the firm to depose a former SEC official who declared in 2018 that ETH was not a safety.

Garlinghouse clearly feels that his agency has been onerous achieved by and Ethereum’s subsequent success is a minimum of partially down to extra favorable remedy by the SEC. He stated that it is affecting the market, including:

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped.”

XRP was the second largest crypto asset by market capitalization in late December, 2017. It has presently slipped to seventh place whereas Ethereum has held the second spot ever since.

Garlinghouse additionally acknowledged that the SEC has been taking an aggressive posture in opposition to crypto with current actions in opposition to his personal firm and Coinbase. Commenting on Ripple’s battle with the monetary regulator, he mentioned that the SEC claims to be defending customers however:

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

Earlier this month a U.S. district choose dominated that people holding the firm’s XRP token could not participate as defendants in the lawsuit.

Related: XRP purchasers back Ripple, arguing that it is not a security

The SEC’s request to prolong the deadline to full discovery in its ongoing lawsuit with Ripple Labs and its executives has been granted and pushed to Jan. 14, 2022.

Ripple claims that any additional delay in resolving this case will “cause serious harm to the interests of the defendants and XRP holders.”

The court docket acknowledged this however acknowledged that the “additional time sought by the SEC will not affect the schedule to resolve the case.”

Source: Cointelegraph.com

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