Ripple CEO Reiterates XRP & Ethereum Not Securities, Slams SEC’s Gary Gensler

Ripple CEO Brad Garlinghouse has made a bold statement amid the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). In his latest statement, the Ripple CEO not only backed XRP but also extended support to Ethereum (ETH) as the token vs. securities controversy escalated. In addition, he slammed the SEC and its Chairman Gary Gensler.

Ripple CEO Backs XRP & Ethereum

During a Fireside Chat alongside Arrington Capital Founder Michael Arrington, Garlinghouse made a scathing remark against the SEC. According to a post on X by Fox Journalist Eleanor Terrett, the Ripple CEO said that the SEC is “grossly wrong.” Moreover, Garlinghouse went on to deem SEC’s Gensler as an “unethical human being.”

Furthermore, he noted that both XRP and Ethereum are not securities. This comes after almost four years of the Ripple vs SEC court battle and the newly initiated Consensys vs SEC lawsuit. The Consensys lawsuit demands the regulatory agency to consider that Ethereum is not a security.

However, the SEC had already once classified Ethereum as a security, which has led to contradiction in their current statement. Meanwhile, netizens have weighed in on the matter with some supporting Consensys, including the Ripple CEO. However, former Ethereum advisor, Steven Nerayoff, labeled Ethereum as a security and deemed it as an undeniable fact.

XRP Vs SEC Case Update

Ripple’s forthcoming response to the lawsuit marks a significant milestone, especially after the SEC opposed their motion regarding the Fox Declaration. The SEC contends that the Fox Declaration merely provides a summary of XRP institutional sales rather than expert analysis.

Moreover, they argue its admissibility under the law, likening it to the previously submitted Ferrante Declaration. However, Ripple is expected to challenge any assertions of financial harm stemming from the declaration.

Whilst, Judge Sarah Netburn issued a scheduling order concerning Ripple Labs’ motion to strike the new expert evidence the SEC submitted. This evidence supports the SEC’s claim for remedies and a final judgment, which could entail Ripple paying nearly $2 billion in penalties.

Furthermore, following the SEC’s opposition on April 29, Ripple has three business days to file its reply as per Judge Netburn’s order. Legal experts note the SEC’s vigorous response, yet maintain that Ripple’s argument remains pertinent unless the financial records’ summary is contested.

Despite Ripple’s stance, the SEC maintains that Fox’s declaration lacks personal opinion and merely reflects counsel’s instructions to assess potential pecuniary harm among institutional buyers.

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