In a recent statement, Ripple CEO Brad Garlinghouse defended both XRP and Ethereum, emphasizing that they should not be classified as securities. This comes amid increasing scrutiny from the Securities and Exchange Commission (SEC) towards cryptocurrencies and their regulatory status. Garlinghouse argued that both XRP and Ethereum serve different purposes within their respective ecosystems, and should not be treated as securities due to their decentralized nature and utility-driven functionalities.
Moreover, Garlinghouse publicly expressed his support for Ethereum, criticizing SEC Chairman Gary Gensler and stressing the importance of providing clear guidelines for the classification of cryptocurrencies like XRP and ETH. He highlighted the need for regulatory clarity to foster innovation and growth within the industry, as ambiguous regulations can stifle development and adoption of blockchain technologies. Garlinghouse's stance aims to advocate for a more transparent and consistent approach towards regulating digital assets, ensuring that projects like XRP and Ethereum can continue to thrive in a compliant manner.
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