đ¶ Ripple CEO supports Ethereum against the SEC
A recent statement from Ripple CEO Brad Garlinghouse has sent shockwaves through the crypto ecosystem. By openly supporting Ethereum against the SECâs stringent classifications, Garlinghouse is not just defending a digital currency; he is laying a cornerstone in the debate over the legitimacy and future of cryptos as independent financial instruments.
đș The Boldness of Taking a Stand
The recent stance by Garlinghouse is not merely a simple endorsement of Ethereum. It represents an open criticism of the SECâs approach, which he sees as stifling crypto innovation.
By calling Gary Gensler, chairman of the SEC, an âunethical character,â he highlights the growing tensions between crypto giants and regulators.
Garlinghouseâs defense is rooted in a personal and professional battle, with Ripple itself in the SECâs crosshairs since the 2020 accusation that classified XRP as a security.
đș A Strategic Alliance in the Crypto Universe?
By supporting Ethereum, Garlinghouse aims at several targets. He is not only seeking to clarify Rippleâs legal situation but also to form a coalition. This coalition opposes regulations seen as arbitrary in the crypto industry.
This alliance is strategic. It bolsters the arguments against classifying cryptos as securities, a status that would bring additional regulatory restrictions and obligations.
In this legal and media battle, Consensys stands out. As a key player in Ethereumâs software development, the company vigorously defends ETHâs non-classification as a security.
Furthermore, their recent legal action against the SEC for abuse of power reinforces this position. It builds on earlier SEC statements that exempted ETH from such regulation.
đș The Counterbalance
Amid this wave of support, Steven Nerayoff, a former advisor to Ethereum, emerges as a dissenting voice. Describing Ethereumâs crypto as âunquestionablyâ a security.Â
As reported by Coinpedia, his comments inject a dose of realism into this spirited and polarized debate.