Ripple CEO says the SEC body will face loss in the battle against Ethereum (ETH)

On Mar 23, 2024

Brad Garlinghouse shared his personal opinion over the SEC vs Ethereum foundation battle and indirectly suggested the SEC body take steps back to prohibit any loss.

Brad Garlinghouse is CEO of the San Francisco headquartered fintech firm Ripple. Ripple Labs is responsible for the development activities around the XRPL(XRP) blockchain. Since Dec 2020, Ripple has been under a legal battle against the United States Securities and Exchange Commission (SEC) over the financial relationship with institutional players involving XRP Cryptocurrency.

As we know a couple of days ago, the SEC body initiated an investigation against the Ethereum Foundation, an independent organisation which manages the new blockchain development around the Ethereum ecosystem.
So far no clear information is available on this matter but reportedly the SEC body is looking to collect evidence to prove Ethereum (ETH) cryptocurrency as a security token.

SEC's action against #Ethereum, Community's reaction against #SEC pic.twitter.com/C64hoB4G83
— Bitcoinik (@Bitcoinikdotcom) March 21, 2024

Following the SEC’s investigation against the Ethereum Foundation, Coinbase chief legal officer Paul Grewal shared his opinion on this controversial matter and said that several SEC commissioners already declared Ethereum as a non-security token.

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Ripple CEO Brad Garlinghouse quoted Grewal’s statement and said that the SEC body is going to lose the battle against the Ethereum foundation, just like in the Ripple vs SEC case, and also said that the Securities regulatory body itself raised concerns over its relationship with the other US commodity regulatory body CFTC with these steps.

The SEC picked fights with the industry and is losing badly in the Courts. They’re now fighting fellow regulators like the CFTC, and falling behind international counterparts. At what point will the SEC realize they will lose the war against ETH just as they lost against XRP? https://t.co/rG66npldf4
— Brad Garlinghouse (@bgarlinghouse) March 21, 2024

It is worth it to note that in the past the CFTC chairman Rostin Behnam called Ethereum also a non-security token, just like Bitcoin. On the other hand, the SEC chairman Gary Gensler called all cryptocurrencies security tokens, except Bitcoin.

The number of Ethereum Cryptocurrency supporters is very high and surely it will create a very big public pressure against the SEC body over their unethical & unknown regulatory action against the Ethereum foundation.