Ethereum
Ripple CEO supports Ethereum against SEC
4h00 ▪ 3 min reading ▪ by Evans S.
A recent statement from Ripple CEO Brad Garlinghouse sent shockwaves through the crypto ecosystem. By openly supporting Ethereum against the SEC’s strict classifications, Garlinghouse is not just defending a digital currency; it lays the cornerstone of the debate on the legitimacy and future of cryptos as independent financial instruments.
The audacity to take a stand
The recent position of Garlinghouse is not just a simple endorsement of Ethereum. This represents an open criticism of the SEC’s approach, which it sees as stifling crypto innovation.
By calling SEC Chairman Gary Gensler an “unethical character,” he highlights the growing tensions between crypto giants and regulators.
Garlinghouse’s defense is rooted in a personal and professional battle, with Ripple itself in the SEC’s crosshairs since the 2020 indictment that classified XRP as a security.
A strategic alliance in the crypto universe?
By supporting Ethereum, Garlinghouse has several targets. He seeks not only to clarify Ripple’s legal situation but also to form a coalition. This coalition opposes regulations considered arbitrary in the crypto industry.
This alliance is strategic. This strengthens the case against classifying cryptocurrencies as securities, a status that would result in additional restrictions and regulatory obligations.
In this legal and media battle, Consensys stands out. As a key player in Ethereum’s software development, the company vigorously defends the non-classification of ETH as a security.
Additionally, their recent lawsuit against the SEC for abuse of power reinforces this position. It builds on previous SEC statements that exempted ETH from such regulation.
The counterweight
Amid this wave of support, former Ethereum advisor Steven Nerayoff emerges as a dissenting voice. Describing Ethereum crypto as “unquestionably” a security.
As reported Coinpedia, his comments inject a dose of realism into this lively and polarized debate. Nerayoff’s view reminds us that the path to a clear legal and regulatory definition is fraught with pitfalls.
Regulatory developments around Ethereum are not limited to declarations and lawsuits. The possible approval of an ETF based on this crypto would be a major validation, although experts like Justin Sun and Eric Balchunas are skeptical that it will happen in the short term. Balchunas’ estimate of a 25% probability for approval of this ETF illustrates SEC cautionwhich remains a thorn in the side of the rapid development of the sector.
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Evans S.
Fascinated by bitcoin since 2017, Evariste has never stopped researching the subject. If his first interest was in trading, he is now actively trying to understand all the advances centered on cryptocurrencies. As an editor, he aspires to continually deliver high-quality work that reflects the state of the industry as a whole.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.