Ether took XRP’s second spot because of the SEC, says Ripple CEO Brad Garlinghouse
During his appearance at the DC Fintech Week virtual conference, Ripple CEO Brad Garlinghouse opined that the regulatory clarity that Ether, the second-biggest crypto, has received from the U.S. Securities and Exchange Commission allowed it to surpass XRP:
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 obviously kind of exploded…That clarity has helped.
Garlinghouse adds that market forces are supposed to determine winners and losers instead of regulators.
In December 2017, XRP became the second-largest crypto but it has since slipped to seventh place.
Ether is now firmly in second place, with its market cap recently surpassing that of banking giant JPMorgan.
Garlinghouse slammed Gary Gensler for refusing to answer whether the rival cryptocurrency is a security, adding that the existing securities laws are outdated:
If laws are so clear, then let’s just say the answer to these questions.
He also praised “Twitter sleuths” who are busy dissecting the SEC’s case against Ripple.
The Ripple boss has reiterated his oft-repeated claim about the lack of clarity in the U.S. He also said that the company had signed zero new customers in the States due to regulatory headwinds, but this didn’t stop the company from expanding worldwide:
We are growing a lot more outside the United States.
China’s hostile stance toward crypto also doesn’t make a lot of sense in the long run, according to Garlinghouse.