In a recent post on social media platform foretold that the US Securities and Exchange Commission (SEC) is on track to lose its “war” against Ethereum (ETH).
In a recent post on social media platform foretold that the US Securities and Exchange Commission (SEC) is on track to lose its “war” against Ethereum (ETH).
According to Garlinghouse, the SEC is already “losing badly” in court and falls behind its international counterparts in terms of regulatory standards.
Earlier this week, several media outlets reported that the SEC had launched an aggressive campaign to label the second-largest cryptocurrency as a security. The Ethereum Foundation is also facing an ongoing investigation.
As Guru-Investingreported, Paul Grewal, Coinbase’s chief legal officer, took issue with the “misinformation” surrounding Ethereum, pointing to the fact that the altcoin has been vital to the broader crypto economy.
He has also mentioned several inconsistencies in the SEC’s approach to regulating Ethereum as a security.
Garlinghouse himself has mentioned that the SEC is now also fighting other regulators like the CFTC in addition to the SEC.
Earlier this month, two US senators wrote a letter to Gary Gensler, urging the SEC to no longer approve ETFs for other cryptocurrencies.
Some legal analysts believe the SEC is now trying to appease some cryptocurrency skeptics in Washington.
Stuart Alderoty, Ripple’s chief legal officer, now says that Congress should stop funding “this madness.”
Last November, as Guru-Investingreported, Garlinghouse signaled his willingness to take the fight over XRP’s regulatory status all the way to the Supreme Court.
The SEC has suffered a series of setbacks in court, but is still determined to rein in the cryptocurrency industry with a series of enforcement actions.
