Ripple CEO Insists XRP and Ethereum Are Not Securities

According to U.Today, Ripple CEO Brad Garlinghouse recently made a clear statement on the classification of the two major cryptocurrencies XRP and Ethereum (ETH). In a fireside chat with Arrington Capital founder Michael Arrington during the XRP Las Vegas Conference, Garlinghouse said that neither XRP nor Ethereum should be considered securities. This statement is consistent with the arguments that Ripple and other stakeholders in the crypto community have long made. Garlinghouse's remarks came at a critical time when regulators are reviewing the crypto market. His views have attracted special attention due to Ripple's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). Recently, it was reported that MicroStrategy Chairman Michael Saylor speculated that the SEC may consider Ethereum, BNB, SOL, XRP and ADA as unregistered crypto asset securities. The debate over whether crypto assets such as XRP and Ethereum should be classified as securities has been a controversial issue in the cryptocurrency community for many years. However, in July 2023, XRP gained legal clarity when a judge ruled in the Ripple lawsuit that XRP itself was not a security, even though some institutional sales of XRP were found to be unregistered securities sales. The latest development in the cryptocurrency security debate occurred when Ethereum software company Consensys filed a lawsuit against the U.S. Securities and Exchange Commission. The lawsuit revealed that the SEC believes that Ethereum is an unregistered security and has been investigating on this basis for the past year. In response, Consensys sought a judge to declare Ethereum a non-security in an attempt to block any future claims from the SEC.