The head of the XRP cryptocurrency spoke in support of Ethereum

Ripple CEO Brad Garlinghouse has expressed his opinion on whether Ethereum can be considered an unregistered security — he believes that it is not and disagrees with the Securities and Exchange Commission (SEC).

According to Garlinghouse, the regulator’s change of heart on Ethereum echoes the SEC’s lawsuit against Ripple filed in late 2020. According to Garlinghouse, the SEC’s latest statement about the transition of ethereum to PoS does not correspond to what SEC representative Bill Hinman said earlier. «We think that ETH was a security, but it crossed the unregulated zone due to the transition to decentralization,» Hinman expressed the SEC’s general opinion in 2017.

Last week, SEC Chairman Gary Gensler, who has already faced the wrath of the crypto community, said that ETH staking after the network merger could fall under the securities law.

Brad Garlinghouse emphasized that he would support Ethereum and its founders despite the regulator’s hostile rhetoric.«I've invested my savings not only in XRP, I’ve invested a lot of money in long positions in BTC and ETH, so I will continue to support them,» Garlinghouse said.

As for the Ripple case, last week it became known that the court case was closed, but now representatives of the XRP cryptocurrency are awaiting a court decision. Members of the cryptocurrency community hope that Ripple will be able to obtain a positive court decision. In any case, the outcome of the litigation between the blockchain and the US regulator will have significant consequences for the entire cryptocurrency industry.