Ripple CEO Defends XRP Against Security Allegations, Slams Critics

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Investor Saying XRP as Security Ignites Ripple CEO’s Fury.

Ripple CEO Brad Garlinghouse joined the conversation with entrepreneur Jason Calacanis over XRP as a security debate, with Pro-XRP lawyer John Deaton also disagreeing with the investor.

Brad Garlinghouse, the CEO of the Ripple (XRP) blockchain, recently confirmed that the company would have expended $200 million by the end of the multi-year legal battle with the U.S. Securities and Exchange Commission (SEC).

Jason Calacanis, an American entrepreneur and angel investor, lập luận that it would have made more economic sense for Ripple to have registered XRP as a security in line with the SEC’s claims and abide by the rules like everyone else.

However, Ripple CEO Garlinghouse appears utterly displeased with Calacanis’ suggestions, accusing him of being ignorant of security laws. He considered it embarrassing and funny, adding that there is no framework to register digital assets such as XRP in the U.S., He further said that it had become a habit of making provocative statements and trolling topics we lack knowledge about.

nhắc tôi khi bạn học luật chứng khoán?! Điều này khiến bạn xấu hổ (và cực kỳ sai lầm vì không có khuôn khổ đăng ký tài sản kỹ thuật số ở Hoa Kỳ), nhưng tất cả chúng tôi đều quen với việc bạn đưa ra những tuyên bố gây tranh cãi và troll về những điều bạn không biết gì về…

- Brad Garlinghouse (@bgarlinghouse) 9 Tháng Năm, 2023

Ripple Lawyer Joins the Fire

The pro-XRP attorney John E Deaton also attacked Calacanis, noting that to claim Ripple sold XRP as a security is entirely different from saying XRP is a security. According to Deaton, XRP is a line of software code that cannot be registered under the currently available laws in the United States.

The American investor’s idea that Ripple should have played along like other industry participants did not sit well with the pro-XRP attorney. Deaton asked him where other proof-of-stake blockchains like Ethereum (ETH), Cardano (ADA), Algorand (ALGO), and Stellar Lumens (XLM) did their registration.

Claiming Ripple sold XRP as a security is one thing. Saying XRP is a security is another. XRP is a line of code inside software. How do you register?

“to have registered it as a security and played by the rules like everyone else.”

Where did ETH, ADA, ALGO, XLM, etc. register?

- John E Deaton (@ JohnEDeaton1) 9 Tháng Năm, 2023

Stop Protecting American Public

Yesterday, while the SEC chairman, Gary Gensler, thanked agency staff for their hard work in regulatory oversight, crypto lawyer Deaton yêu cầu the SEC chairman to stop protecting American citizens in their dealings with cryptocurrency. The lawyer’s appeal was particularly significant as SEC, instead of protecting investors, is busy ending the crypto business in the US. SEC’s continuous regulatory crackdown on several crypto companies, including Ripple, Coinbase, Bittrex, and Paxos, has raised serious questions.

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