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According to recent updates in the ongoing XRP lawsuit, the case seems to be slipping away from Ripple and heading towards a settlement in the SECâs favor. However, even if Ripple loses the case and XRP is declared as security, the question arises, Why only XRP?
If put in SEC Chief Grundfestâs words, even before the lawsuit was filed, he argued that âimposing security law obligations on XRP while leaving ETH untouched raises fundamental fairness questions about the exercise of commission discretionâ. While one may get convinced that Rippleâs sales of XRP in the US were in fact sales of unregistered securities, but how is it any different from Ethereum?
Ripple CEO asserted XRP dominance over ETH if it werenât for the SECâs bias
Given the perspective of several crypto proponents, Ripple continues to stay on the right side of the line in lieu of the former SEC executive, William Hinmanâs deposition and the glaring red flags on Ethereum getting a free pass with a similar business structure. However, itâs not just Rippleâs supporters, the CEO, Brad Garlinghouse himself believes that XRP is getting dragged through the mud while ETH enjoys its Alt-coin Dominance.
Last month, Garlinghouse claimed that XRP wouldâve been at the No. 2 position instead of ETH if it werenât for the commissionâs bias crackdown. While speaking at the DC Fintech Week virtual conference, Garlinghouse argued that the U.S. Securities and Exchange Commission alleged Rippleâs XRP as unregistered security while granting Ethereum a regulatory free pass, which in turn helped ETH shoot through the roof. Additionally, he contented SECâs âconsumer protectionâ stance, noting that there are ânearly 50,000 U.S. people who hold XRP who are trying to sue the SEC for âprotecting themââ.
âWithin the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped.â, argued Garlinghouse.
The post XRP Lawsuit: Is it Fair Play to Leave Ether Untouched while Imposing Security Law on XRP? appeared first on Coingape.
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