Ripple CEO Calls Gensler and Clayton’s Meeting Before XRP Lawsuit “Bad Optics,” Here’s Why
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.
BREAKING: In an exclusive interview w @bgarlinghouse the @Ripple CEO tells @FoxBusiness that meetings between @GaryGensler and Jay Clayton before #XRP case was “bad optics” and he won’t settle case if the price is #xrp being a security more now w @LizClaman
— Charles Gasparino (@CGasparino) October 18, 2021
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 “
#xrp pic.twitter.com/27VviTzuk6
— Tim (@TimR614) October 18, 2021
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.
- XPL Token Soars 52% as Plasma Mainnet Launch Ignites Trading Frenzy
- ETH Treasury Firm SharpLink to Tokenize SBET Stock on Ethereum
- First Ethereum Staking ETF Begins Trading, Boosting ETH Demand
- Ethereum in a Bear Market, Peter Schiff Warns as ETH Slides Below $4K
- Trump Considers Jill Sommers and Kyle Hauptman for CFTC Chair Role
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
- Bitcoin Price: Analyst Predicts Crash to $104K Before Explosive Rally on Fed Cut Pattern
- HBAR Price Elliot Wave Signals an 86% Rebound as Key Risks Remain
- Will Pi Coin Price Recover Before Month-End After Payochain Listing?
- Chainlink Price Prediction as Whales Buy 800K LINK — Can the Demand Zone Launch a Recovery?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
