Ethereum
Ripple CEO Reiterates XRP and Ethereum Not Securities, Criticizes SEC’s Gary Gensler
Ripple CEO Brad Garlinghouse made a bold statement amid the ongoing legal battle with the United States Securities and Exchange Commission (SEC). In his last statement, the Ripple The CEO not only supported XRP but also extended his support to Ethereum (ETH) as the controversy between the tokens and securities intensified. Additionally, he criticized the SEC and its chairman Gary Gensler.
Ripple CEO supports XRP and Ethereum
During a fireside chat alongside Arrington Capital founder Michael Arrington, Garlinghouse made a scathing remark against the SEC. According to an article on X by Fox reporter Eleanor Terrett, Ripple’s CEO said the SEC was “grossly wrong.” Additionally, Garlinghouse later deemed the SEC’s Gensler an “unethical human being.”
Furthermore, he noted that both XRP and Ethereum are not securities. This comes after nearly four years of the Ripple v. SEC legal battle and the Consensys v. SEC retrial. The Consensys lawsuit demands that the regulatory agency consider that Ethereum is not a security.
However, the SEC had already classified Ethereum as a security, leading to a contradiction in its current statement. Meanwhile, netizens have spoken out on the issue, with some supporting Consensys, including the CEO of Ripple. However, former Ethereum advisor Steven Nerayoff called Ethereum a headline and considered it an “undeniable” fact.
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XRP vs. SEC Case Update
Ripple’s upcoming response to the lawsuit marks an important milestone, especially after the SEC opposed its motion regarding the Fox statement. The SEC says the Fox statement simply provides a summary of institutional sales of XRP rather than expert analysis.
Furthermore, they support its admissibility under the law, comparing it to the Ferrante Declaration previously submitted. However, Ripple is expected to dispute any claims of financial harm arising from the statement.
While Judge Sarah Netburn issued a scheduling order regarding Ripple Labs“Motion to strike new expert evidence submitted by the SEC. This evidence supports the SEC’s request for relief and a final judgment, which could result in Ripple paying nearly $2 billion in penalties.
Additionally, following the SEC’s opposition on April 29, Ripple has three business days to file its response in accordance with Judge Netburn’s order. Legal experts note the SEC’s forceful response, but argue that Ripple’s argument remains relevant unless the summary of financial documents is challenged.
Despite Ripple’s position, the SEC maintains that Fox’s statement lacks personal opinion and simply reflects counsel’s instructions to assess potential financial harm among institutional buyers.
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