- Ripple CEO Brad Garlinghouse questions the SEC’s contradicting stance on ETH’s status.
- Garlinghouse predicted the SEC’s potential failure against ETH, similar to its failure against XRP.
- Chief Legal Officer Stuart Alderoty urges Congress to stop funding the SEC’s “insanity
Key Ripple executives once again raised their voices against the “insanity” of the U.S. Securities and Exchange Commission (SEC). While the SEC’s Ethereum ETF approval remains a question, Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty pinpointed the regulator’s failure to regulate cryptocurrencies.
In a March 22 X post, Garlinghouse shared insights on the SEC’s multiple lawsuits against industry leads and the subsequent challenges the regulators faced in court. Ripple’s CEO wrote, “The SEC picked fights with the industry and is losing badly in the Courts.
Reinforcing Garlinghouse’s stance against the SEC, Aldertoty shared his disagreement with the agency’s inconsistent approach to cryptocurrencies. He wrote, “Congress must stop funding this insanity.”
Garlinghouse’s post responded to a thread shared by Paul Grewal, Coinbase’s chief legal officer. Grewal pointed out the contradicting statements regarding ETH as a security and as a commodity and questioned the SEC’s stance on the impending Ethereum exchange-traded-product (ETP) launch.
The SEC’s conflicting arguments have been a topic of discussion in the community for a long time. Though the SEC has labeled ETH as non-security multiple times, there are speculations that the regulators will soon classify it as a security.Reflecting on Ethereum’s status, Garlinghouse shed light on the conflict between the SEC and the CFTC (Commodity Futures Trading Commission). Ripple’s CEO said, “They (the SEC) are now fighting fellow regulators like the CFTC, and falling behind international counterparts.” Garlinghouse added that the SEC “will lose the war against ETH just as they lost against XRP
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