With the Securities and Exchange Commission (SEC) on the verge of deciding the fate of certain Ethereum (ETH) transactions, Ripple CEO Brad Garlinghouse has intervened in the fray, offering support for Ethereum's status as a non-security. expressed.
In a recent interview with Michael Arrington, Garlinghouse shares his perspective and injects fresh energy into the ongoing debate.
Here's what he had to say:
Ethereum discussion
In a fascinating exchange with Michael Arrington, Ripple CEO Brad Garlinghouse is committed to Ethereum being classified as a non-security. He was unreserved in criticizing the SEC's inclusion of both Ethereum and Ripple's XRP in securities investigations, going so far as to call SEC Chairman Gary Gensler an “unethical person.”
Garlinghouse's vocal support for Ethereum echoes his past claims about ETH's possible misclassification by the SEC, which is similar to Ripple's legal battle. Both XRP and ETH have been embroiled in a legal battle with the SEC, stemming from a 2020 lawsuit against Ripple Inc. that initially described XRP as a security, but later became a federal refuted by the judge.
Also read: Could Ethereum ETF be overlooked?Top analysts predict approval in August
Consensus takes on SEC
The story is further complicated by ConsenSys, a prominent Ethereum software developer, filing a lawsuit alleging regulatory overreach and taking a bold stance against SEC oversight. ConsenSys has fiercely defended Ethereum’s non-security status, citing a previous SEC statement confirming that ETH is exempt from regulatory oversight.
different opinions
The debate over Ethereum's classification has intensified with former Ethereum advisor Stephen Nereoff contradicting Garlinghouse's support and labeling Ethereum an “undeniable” security. Ripple's future response to the ongoing legal controversy has fueled further speculation, especially following the SEC's recent opposition to the Fox Declaration motion.
Amid the regulatory storm, all eyes are on the possibility of a spot Ethereum exchange-traded fund (ETF) being approved. But prominent figures such as Justin Sun and Eric Balciunas have cast doubt on that possibility, citing the SEC's cautious stance. Balciunas estimates the chance of approval is only 25%.
Also check: Microstrategy's Saylor slams Ethereum with 'security' label as SEC scrutiny delays ETF launch
Do you think Spot Ethereum ETF is a lost cause? Chime in.
