The CEO of Ripple firm claimed that the Securities and Exchange Commission lawsuit against Ripple is responsible for Ethereum to replace XRP.
As we know, a legal fight has been going on between Ripple and United States regulators since the end of last year. However both parties holding their solid & strong point, in this case, stand in the perfect position against each other, but the worst thing is that the end of the case is so far.
Recently in speaking at the DC Fintech Week virtual conference, Mr Brad Garlinghouse, CEO of Ripple firm, claimed that the progress of XRP token as a second crypto asset in the crypto space was replaced by Ethereum because of the United States Securities and Exchange Commission lawsuit.
“Within the last few years, XRP was the second most valuable digital asset. As it became given that the SEC had given a hall pass to ETH, ETH has kind of exploded…That clarity has helped”
So, the Ripple CEO believed that the SEC made a big mistake through their lawsuit. Because before the lawsuit XRP was the most valuable crypto asset after bitcoin.
Further, Ripple CEO claimed that Market forces considered to figure out winners and losers instead of regulators’ decisions.
Statements of Ripple CEO indicate that Ripple firm is blaming US regulators to manipulate the value of crypto assets with their laws.
No Clarity On Ripple Asset Class
It is worth noting, XRP achieved 2nd position in the crypto market at the end of 2017 but it dragged to around 7th position. Right now Ethereum is in the second position with a high market cap after Bitcoin.
In the present situation, Ripple firm is angry because they are not getting clarity on the XRP class. Ripple CEO also didn’t get an answer from SEC chair Gary Gensler “whether Rival crypto token is a security or not”. Ripple CEO claimed that laws made for the securities are outdated because existing laws can’t provide better clarity on the asset class of tokens.