Ripple CEO Brad Garlinghouse Reveals Crypto Portfolio, Calls Out SEC’s Latest Stance on Ethereum
Ripple CEO Brad Garlinghouse says his crypto portfolio includes Ethereum (ETH) and disagrees with the US Securities and Exchange Commission’s (SEC) latest statements regarding the leading smart contract platform.
In a new fireside chat with Messari CEO Ryan Selkis, Garlinghouse addresses the SEC’s recent position that Ethereum can be considered an unregistered security, which is what the regulator alleged XRP to be in the lawsuit against Ripple filed in late 2020.
The SEC’s latest statement on Ethereum contrasts with what Bill Hinman, former director of corporate finance at the SEC, said in a speech in 2017, according to Garlinghouse.
“I will set the record straight. I personally own Bitcoin. I personally own Ethereum. I personally own XRP. I am long all these digital assets and some others.
In comparison, my position is: Bill Hinman as Director of Corporate Finance, came before the world and gave a speech saying, ‘We believe ETH was a security, and transitioned to a non-security because of a decentralization framework.’
I looked at it and I remember sending an email internally at Ripple like, “Hey, this is great news.” XRP is an open source decentralized digital resource. Ripple, the company, only controls a very small percentage of the validators of the network…
The law doesn’t actually say what Bill Hinman says, but if that’s how the SEC is going to measure this, that’s fine.”
Garlinghouse says the SEC may be unfairly picking winners and losers in the crypto markets, both by filing the lawsuit against Ripple and also with its recent rhetoric against Ethereum.
“Why would the SEC, why would a government entity, when XRP at the time the SEC started its investigation was the second most valuable asset, why would they pick winners and losers? That’s just not the role of government — not a capitalist, democratic government. It’s other governments around the world that may be in that business….
Coo-coo for coco puffs is, how on earth can they say, because it went from proof of work to proof of effort, now it suddenly went back to being a security?”
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