- The CEO of Ripple, Brad Garlinghouse, criticizes SEC Chair Gary Gensler’s moral position by arguing that ETH and XRP are not security.
- Ripple has announced a new collaboration with SBI Group and HashKey Group to launch XRPL-enabled products in Japan.
Brad Garlinghouse, the CEO of Ripple, made audacious remarks about the US Securities and Exchange Commission’s (SEC) ongoing investigation during a recent panel discussion at the XRP Las Vegas conference, echoed by Eleanor Terrett, a Fox Business journalist.
🚨NEW: @Ripple CEO @bgarlinghouse says $ETH is not a security and $XRP is not a security and that the SEC is “grossly wrong” and Gary Gensler is an “unethical human being.” pic.twitter.com/MKuODQSAwr
— Eleanor Terrett (@EleanorTerrett) May 4, 2024
XRP Las Vegas
In an interview with Michael Arrington, the founder of Arrington Capital, Garlinghouse said he disagreed with the SEC’s methodology, particularly with regard to how cryptocurrencies like Ethereum (ETH) and Ripple’s XRP are categorized.
He called the SEC’s position “grossly wrong” and declared unequivocally that ETH and XRP should not be regarded as security. He also called SEC Chair Gary Gensler an “unethical human being,” highlighting the strong animosity that exists between Ripple and the regulatory authority.
Increasing Collaborations and Technical Fixes
Despite the legal obstacles in the background, Ripple is moving on. The HashKey Group and SBI Group have formed a major relationship, which the business recently announced.
We’re excited to announce a partnership between @Ripple, @HashKeyGroup, and SBI Group ushering in #XRPL-powered solutions, starting with supply chain finance, to Japan’s enterprise landscape. 🇯🇵
Learn more about this innovative partnership: https://t.co/GFUNdu1ci2
— Ripple (@Ripple) April 30, 2024
Through this partnership, XRPL-powered solutions will be introduced to the Japanese enterprise environment, beginning with supply chain finance advances. By utilizing Ripple’s blockchain technology to improve corporate operations and financial transactions, this effort is perceived as a strategic expansion into Asian markets.
Beyond their respective regulatory titles, Ripple and the SEC are at odds. By openly contesting the evidence that SEC experts presented in court, Ripple has demonstrated their willingness to vigorously refute the SEC’s allegations, as formerly reported by ETHNews.
Since it may establish a precedent for how cryptocurrencies are seen and governed in the US, this legal dispute has been crucial for Ripple.
Market Reaction and Investor Sentiment
The cryptocurrency market has embraced Ripple’s bold strategy and strategic alliances. As of the time of writing, the price of XRP was up 2.23% over the previous day to roughly $0.53, according to CoinMarketCap. Also, XRP has increased by 2.9% in the last week.
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