In a recent post on the X social media platform, Ripple CEO Brad Garlinghouse has predicted that the U. S. Securities and Exchange Commission (SEC) is on track to lose its “war” against Ethereum (ETH).
According to Garlinghouse, the SEC is already “losing badly” in the court while falling below its international counterparts in terms of regulatory standards.
Earlier this week, various media outlets reported that the SEC has launched an aggressive campaign to label the second-largest cryptocurrency as a security. The Ethereum Foundation is also facing an ongoing investigation.
As reported by U. Today, Paul Grewal, chief legal officer at Coinbase, took a stand against “misinformation” surrounding Ethereum, pointing to the fact that the altcoin has been vital to the broader crypto economy.
He has also mentioned various inconsistencies in the SEC’s approach to regulating Ethereum as a security.
Garlinghouse himself has mentioned that the SEC is now also fighting other regulators like the CFTC on top of the SEC.
Earlier this month, two United States senators penned a letter to Gary Gensler, urging the SEC not to approve more ETFs for other cryptocurrencies.
Some legal analysts believe that the SEC is now trying to appease some cryptocurrency skeptics in Washington.
Stuart Alderoty, chief legal officer at Ripple, now says that Congress should stop funding “this insanity.”
Last November, as reported by U. Today, Garlinghouse signaled his readiness to take the fight over the regulatory status of XRP all the way to the Supreme Court.
The SEC has suffered a series of setbacks in courts, but it is still determined to rein in the cryptocurrency industry with a number of enforcement actions.