ripple CEO Reiterates that XRP and Ethereum Are Not Securities, Criticizes SEC’s Gary Gensler
Ripple CEO Brad Garlinghouse made a bold statement amid the ongoing legal battle with the US Securities and Exchange Commission (SEC). Ripple CEO not only supported XRP in his latest statement, but also extended his support to Ethereum (ETH) as the token and security debate escalates. He also criticized the SEC and its Chairman Gary Gensler.
Ripple CEO Supports XRP and Ethereum
During a fireside chat with Arrington Capital Founder Michael Arrington, Garlinghouse made a scathing statement against the SEC. According to Fox journalist Eleanor Terrett’s post about X, Ripple CEO said the SEC was “badly wrong.” Moreover, Garlinghouse went on to call Gensler of the SEC “an unethical person.”
He also stated that both XRP and Ethereum are not securities. This comes after an almost four-year-long Ripple v. SEC court battle and the newly initiated Consensys v. SEC lawsuit. The Consensys lawsuit demands that the regulator take into account that Ethereum is not a security.
However, the SEC once classified Ethereum as a security, leading to contradictions in its current filings. Meanwhile, netizens weighed in on the issue, with some supporting Consensys, including Ripple’s CEO. However, former Ethereum advisor Steven Nerayoff labeled Ethereum a security and accepted it as an “undeniable” fact.
Also Read: XRP Price Prediction: XRP Expects a Massive Comeback as Buyers Come to $0.48
XRP and SEC Case Update
Ripple’s response to the lawsuit marks an important turning point, especially after it opposed the SEC’s motion regarding the Fox Charter. The SEC claims that the Fox Statement only provides a summary of XRP institutional sales rather than expert analysis.
Moreover, they defend its acceptability according to the law by comparing it to the Ferrante Declaration presented before. However, Ripple is expected to dispute claims of financial harm resulting from the statement.
Meanwhile, Judge Sarah Netburn issued a scheduling order on Ripple Labs’ request to overrule the SEC’s new expert evidence. This evidence supports the SEC’s request for damages and the final decision, which could require Ripple to pay a penalty of approximately $2 billion.
Additionally, following the SEC’s objection on April 29, Ripple has three business days to file its response per Judge Netburn’s order. Legal experts note the SEC’s strong reaction but argue that Ripple’s argument remains valid as long as the summary of financial records is not challenged.
Despite Ripple’s stance, the SEC argues that Fox’s statement lacked personal opinion and merely reflected counsel’s instructions to assess potential financial harm among institutional buyers.
Also Read: 400 Million XRP just Opened From Escrow, Is XRP Price About To Rise?
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