Ripple CEO Slams SEC Over XRP and Ethereum Probes, Calls Gensler “Unethical”

NAIROBI (Coinchapter.com)- Ripple CEO Brad Garlinghouse has blasted the U.S. Securities and Exchange Commission (SEC) for its ongoing probes into XRP and Ethereum, labeling SEC Chair Gary Gensler as an “unethical human being.”

Garlinghouse’s comments came during a fireside chat at the XRP Las Vegas 2024 event. He vehemently defended XRP and Ethereum, asserting that neither cryptocurrency qualifies as a security. His remarks directly contradict the SEC’s stance, which has drawn scrutiny over its handling of the digital asset space.

Ripple CEO Defends XRP and Ethereum, Slams SEC’s “Grossly Wrong” Approach

In a passionate defense, Ripple CEO Brad Garlinghouse slams the SEC’s decision to involve XRP and Ethereum in its securities-related investigations and says it is “grossly wrong.” Addressing the SEC’s lawsuit against Ripple, which alleges that XRP constitutes an unregistered security, Garlinghouse reiterated his firm’s stance that XRP is not a security.

Furthermore, Garlinghouse threw his weight behind Ethereum, echoing his previous statements that the SEC would fail in its quest to label the world’s second-largest cryptocurrency as a security. This stance directly contradicts MicroStrategy CEO Michael Saylor’s recent characterization of Ethereum as an unregistered security.

“The SEC’s approach to XRP and Ethereum is grossly wrong,” Garlinghouse stated. “These assets are not securities, and the agency’s actions are misguided.”

SEC’s Regulatory Overreach Draws Criticism from Industry Players

The SEC’s ongoing scrutiny of XRP and Ethereum has drawn significant criticism from various industry players. Last year, a U.S. federal judge ruled that XRP is not a security, dealing a blow to the SEC’s case against Ripple. However, the agency has not explicitly deemed Ethereum a security, instead investigating whether certain transactions involving the cryptocurrency constitute investment contracts, a special type of security.

In response, Consensys Inc., a prominent Ethereum-focused software development company, sued the SEC in a Texas court, accusing the regulator of regulatory overreach. Consensys argued that the SEC aims to regulate Ethereum as a security despite the asset lacking securities characteristics, citing a previous SEC statement affirming Ethereum is not a security and falls outside the agency’s regulatory purview.

XRP Stages Comeback; Could $0.6 Target Be Next?

Against Tether (USDT), XRP has recently rebounded from the $0.4 support level and has also broken back above the $0.5 zone. However, the market is currently retesting the $0.5 level. If it holds, XRP’s price will likely rally toward the $0.6 resistance zone and the 200-day moving average, located around the same price, soon.

According to data, XRP’s price today is $0.5365, with a 24-hour trading volume of $895.65 million. XRP is up 2.54% in the last 24 hours and currently sits 0.13% below its 7-day high of $0.5372 and 12.15% above its 7-day low of $0.4784. XRP has a circulating supply of 55.24 billion and a maximum supply of 100 billion tokens.

Despite the recent price rebound, the Relative Strength Index (RSI) shows values below 50%, indicating that the momentum is still bearish. A rise above 50% by the RSI could signal the beginning of a new rally for XRP.

The post Ripple CEO Slams SEC Over XRP and Ethereum Probes, Calls Gensler “Unethical” appeared first on CoinChapter.