{"id":74186,"date":"2024-03-22T06:12:39","date_gmt":"2024-03-22T10:12:39","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=74186"},"modified":"2024-03-22T06:13:23","modified_gmt":"2024-03-22T10:13:23","slug":"ripple-ceo-and-clo-support-eth-and-cftc-amid-sec-scrutiny","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ripple-ceo-and-clo-support-eth-and-cftc-amid-sec-scrutiny\/","title":{"rendered":"Ripple CEO and CLO Support ETH and CFTC,\u00a0Amid SEC Scrutiny"},"content":{"rendered":"\n

Ripple CEO Brad Garlinghouse and\u00a0CLO Stuart Alderoty support\u00a0Ethereum and\u00a0CFTC<\/a>\u00a0in opposing the US SEC.<\/p>\n\n\n\n

\"Ripple<\/figure>\n\n\n\n

As the U.S. Securities and Exchange Commission opened investigations against the Ethereum Foundation, which is waging a legal campaign to classify Ether (ETH) as security, Ripple chief executive officer Brad Garlinghouse and chief legal officer Stuart Alderoty have both expressed support for Ethereum.<\/p>\n\n\n\n

In light of Vitalik Buterin's anti-XRP remarks in response to the SEC's 2020 lawsuit against Ripple, the support of Ethereum by Ripple executives is an unexpected development for some crypto participants.<\/p>\n\n\n\n

\"Ripple<\/figure>\n\n\n\n

Brad Garlinghouse: SEC to Lose War Like XRP<\/h2>\n\n\n\n

Congressmen and the crypto community have criticized the SEC for investigating Ethereum-related organizations, including the Ethereum Foundation.<\/p>\n\n\n\n

The move is seen as a regulatory action for designating the second-largest cryptocurrency, Ether (ETH), as a security.<\/p>\n\n\n\n

Experts believe it is a political move, after Prometheum, the only SEC-registered crypto securities platform in the United States, announced plans to custody Ethereum (ETH).<\/p>\n\n\n\n

According to Ripple CEO Brad Garlinghouse, the SEC is losing severely in court as it engages in disputes with the crypto industry.<\/p>\n\n\n\n

Presently, they are \u201cfighting fellow regulators like the CFTC, and falling behind international counterparts.\u201d<\/p>\n\n\n\n

He was concerned that the SEC would be unable to recognize that it would suffer the same defeat against ETH as it did against XRP.<\/p>\n\n\n\n

Ripple CLO Stuart Alderoty Urges Congressional Intervention<\/h2>\n\n\n\n

Stuart Alderoty responded to Brad Garlinghouse's post on X, emphasizing that the US Congress must intervene.<\/p>\n\n\n\n

He urges that the US Congress stop funding the SEC\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, calling the action “insanity.”<\/p>\n\n\n\n

Ripple CLO has been an outspoken critic of the U.S. SEC's regulatory policies and actions during Gary Gensler's tenure.<\/p>\n\n\n\n

In the Debt Box case, he recently criticized the SEC for misleading the court and egregiously abusing the authority granted to it by the U.S. Congress.<\/p>\n\n\n\n

SEC Conflicts of Interest with CFTC on Ethereum<\/h2>\n\n\n\n

Commodity Futures Trading Commission (CFTC) chairman Rostin Behnam testified before the House Committee on Agriculture, refuting the SEC's argument that ETH is a security.<\/p>\n\n\n\n

Furthermore, he expressed dissent towards Prometheum's proposition to provide ETH custody services, stating, “Both Bitcoin and Ether are commodities.”<\/p>\n\n\n\n

Brian Quintenz<\/a>, a former commissioner of the CFTC, emphasized that the SEC recognized Ethereum as a non-security and therefore outside its purview; the current transition is perplexing and detrimental to investors.<\/p>\n\n\n\n

Although he voiced concerns regarding possible postponements or rejections of Ethereum ETFs by the SEC, the agency's prior approval of Ethereum futures ETFs renders its current stance “illegal.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Ripple CEO Brad Garlinghouse and\u00a0CLO Stuart Alderoty support\u00a0Ethereum and\u00a0CFTC\u00a0in opposing the US SEC. As the U.S. Securities and Exchange Commission opened investigations against the Ethereum Foundation, which is waging a legal campaign to classify Ether (ETH) as security, Ripple chief executive officer Brad Garlinghouse and chief legal officer Stuart Alderoty have both expressed support for […]<\/p>\n","protected":false},"author":56,"featured_media":74203,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[10605,16367,128,142],"class_list":["post-74186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-brad-garlinghouse","tag-u-s-cftc","tag-ethereum","tag-ripple"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/03\/brad.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/74186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=74186"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/74186\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/74203"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=74186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=74186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=74186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}