XRP as a security is a no-go; Settlement with SEC out of the picture, Garlinghouse affirms

The entire world witnessed the Ripple vs. SEC case where the financial watchdog proceeded to label XRP as a security, while Ripple tried to shun off these accusations. As this lawsuit persists, both the parties have time and again been asked if there were any chances of a settlement. The SEC as well as Ripple have outrightly suggested there were no possibilities of a settlement.

More recently, Ripple’s Brad Garlinghouse appeared in an interview with Fox Business’s Charles Gasparino and clarified that settlement wouldn’t be possible if the SEC continued to deem XRP as a security.

While 2021 started out as a great year for almost all the crypto assets in the market, XRP was the only one to suffer the wrath of the Securities and Exchange Commission [SEC] of the United States. The regulator went on to categorize XRP as a security and accused Ripple of selling “unregistered securities.” This caused immense loss to the asset as it was ousted by prominent crypto exchanges.

Despite garnering the support of regulators from across the globe, Ripple failed to convince the SEC. This battle appears to go on for a long time. While Garlinghouse did not mind settling, deeming XRP a security would certainly dement the chances of a settlement.

XRP ETF in the making?

Steering away from the Ripple vs. SEC case, Garlinghouse was asked about the chances of an XRP exchange-traded fund [ETF] in the US. The approval of the ProShares Bitcoin ETF got the hopes up high of many firms.

Addressing the same, Garlinghouse put forth a question of why a government entity was filtering or picking winners and losers.

“Why is the SEC picking winners and losers?”

Furthermore, Garlinghouse called out Gary Gensler, the chairman of the SEC for staying mum on Ether. While noting how the SEC has been consistently asking for clarity pertaining to everything crypto-related, Garlinghouse pointed out that it was rather “ironic” for the SEC to keep its lips sealed about Ether.

The citizens of the US had to wait long and hard to garner a Bitcoin ETF. Several speculate that an altcoin ETF in the US was still a far-fetched thought.

Sahana Kiran: Experienced Journalist with a demonstrated history of working in the online media industry. Skilled in Photography, Feature Writing, Journalism, Online Journalism, and Web Content Writing. Strong media and communication professional with a Bachelor of Arts - BA focused in Journalism