Brad Garlinghouse believes that Ethereum managed to become the largest altcoin by capitalization due to the favorable position of the SEC
Ripple CEO Brad Garlinghouse believes the US Securities and Exchange Commission (SEC) is patronizing Ethereum. This is how Garlinghouse explained the success of the largest altcoin in terms of capitalization at the DC Fintech Week online conference.
The head of Ripple called the situation in which the regulator classifies the XRP token as a security unfair, but does not make similar claims to Ethereum. Garlinghouse claims that it was this position of the SEC that allowed Ethereum to become the second largest cryptocurrency by capitalization after Bitcoin.
“XRP has been the second largest digital asset by market capitalization over the past several years. When it became clear that the SEC had given the green light to Ethereum, it allowed the price of ETH to rise, ”said Garlinghouse.
On October 21, the price of Ethereum renewed its all-time high, exceeding the $ 4.37 thousand mark. On October 22, Ethereum is trading at $ 4.1 thousand, and its capitalization is $ 490 billion, according to CoinGecko. Since the beginning of the year, altcoin has risen in price by 456%.
Late last year, the SEC accused Ripple of selling $ 1.3 billion in unregistered securities under the guise of XRP tokens. This pushed XRP down to $ 0.20. In mid-April, the token reached a local high of $ 1.84. On October 22, XRP is trading at $ 1.1 and ranks seventh in the list of the largest cryptocurrencies by capitalization ($ 51.8 billion).