Ripple CEO Calls Gensler and Clayton’s Meeting Before XRP Lawsuit “Bad Optics,” Here’s Why

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The XRP lawsuit seems far from over as the latest happenings in the case indicate a possible extension into the new year as well. What started as SEC’s crackdown on unregistered securities has taken a different turn as the case has progressed and now it seems SEC is the real defendant in the case as more discoveries are made. The biggest talking point in the case has been the association between current SEC chief Gary Gensler and former chief Jay Clayton and how Ethereum got a free pass with the same business model as Ripple.

Ripple CEO Brad Garlinghouse recently appeared on Fox to discuss the ongoing lawsuit, the position of Ripple, and the future of XRP in the US. During the interview, Garlinghouse questioned the meeting between Gensler and Clayton right before the XRP lawsuit and called it “bad optics.” He went on to reaffirm that Ripple won’t aim for settlement in the case unless XRP is cleared off as non-security.

The lawsuit which has been going on for 10 months now was filed towards the end of December in 2020, however, what made the lawsuit more questionable was its timing rather than accusations. The lawsuit was filed just days before Jay Clayton’s departure from the agency. Now, Ripple and several XRP proponents are claiming that the lawsuit was well planned to give Ethereum a push ahead in the market added with the fact that Clayton went on to join an Ethereum centered investment firm.

“Why is SEC Picking Winners and Losers?”

Ripple CEO stressed that a government agency’s job is not to pick winners and losers, rather it should enforce the law equally for everyone. Garlinghouse was referring to the free pass given to Ethereum and said,

“But Why is SEC is picking winners and losers….why a government entity deciding this is a winning one… but silence about other things “

The SEC lawsuit against Ripple is about distribution and sales of unregistered security while Ripple’s defence is more about Ethereum being security as well by the same definition and yet getting a free pass. While Ripple continues to make significant progress outside the US, the XRP price continues to suffer because of the lawsuit.

The post Ripple CEO Calls Gensler and Clayton’s Meeting Before XRP Lawsuit “Bad Optics,” Here’s Why appeared first on Coingape.

Publication date: 
10/19/2021 - 06:23
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