Brad Garlinghouse, CEO of Ripple, the most popular altcoin of recent days, announced his crypto portfolio. He also shared his views on the recent stance of the US Securities and Exchange Commission (SEC) on Ethereum.
What’s in Ripple CEO’s crypto bag?
Due to its lawsuit with the US Securities and Exchange Commission (SEC), Ripple has been in trouble for a long time. As you follow on Kriptokoin.com, Ethereum moved to a Proof-of-Stake (PoS) consensus with Merge. After this upgrade, the SEC hinted that Ethereum could become a security. Ripple CEO Brad Garlinghouse says he disagrees with the SEC’s recent statements regarding the leading smart contract platform. He also explains that he has Ethereum in his crypto portfolio.
Garlinghouse joined a new conversation with Messari CEO Ryan Selkis. In the speech, he discussed the SEC’s recent stance that Ethereum can be considered an unregistered security. This is similar to what the regulator claimed in XRP’s lawsuit against Ripple in late 2020. According to Garlinghouse, the SEC’s recent statement on Ethereum contradicts what the SEC’s former Director of Corporate Finance, Bill Hinman, said in his 2017 speech. In this context, Garlinghouse makes the following statement:
I’ll set the record straight. I personally own Bitcoin. I personally own Ethereum. I personally own XRP. I took a long position in all these digital assets and some of them. By comparison, my stance is this: Corporate Finance Director Bill Hinman stepped in front of the world and gave a speech saying, ‘We think ETH is a security and because of the decentralization framework they have moved to a non-securities structure’.
“The SEC unfairly picks winners and losers!”
Garlinghouse says that after these words, he sent an e-mail to Ripple such as “Hey, this is good news”. He notes that XRP is a decentralized, open-source digital asset. He states that Ripple, the company, only controls a very small percentage of the network’s validators. That’s why Garlinghouse comments:
The law doesn’t actually say what Bill Hinman said. But if that’s how the SEC is going to measure it, that’s a good thing.
Garlinghouse says the SEC may be unfairly picking winners and losers in the crypto markets, both by suing Ripple and its recent rhetoric against Ethereum. Based on this, he makes the following assessment:
Why would the SEC be a government agency? At the time the SEC began its investigation, XRP was the second most valuable asset. Why should they pick winners and losers? This is not just the role of government. A capitalist is not a democratic government. There are other governments in the world that might be involved in this. Coo-coo for Coco puffs, how come it went from PoW to PoS and now suddenly it’s a security?
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