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Ripple (CRYPTO: XRP) CEO Brad Garlinghouse has weighed in on the ongoing regulatory challenges faced by the cryptocurrency industry, particularly the battle involving the Securities and Exchange Commission (SEC) and Ethereum (CRYPTO: ETH).
What Happened: Garlinghouse in a tweet on X said, “The SEC picked fights with the industry and is losing badly in the Courts. They're now fighting fellow regulators like the CFTC, and falling behind international counterparts. At what point will the SEC realize they will lose the war against ETH just as they lost against XRP?”
These comments come as media reports earlier this week said that Ethereum Foundation, a key player in the Ethereum ecosystem, is under the scrutiny of a ‘state authority'.
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Why It Matters: The Swiss-based non-profit organization has been approached with inquiries from an unidentified state authority, as revealed by updates on the organization’s GitHub page.
Fortune reported that this includes the possibility of categorizing ETH as a security—a classification that could have wide-reaching consequences for Ethereum, any potential ETH-based exchange-traded funds (ETFs), and the broader crypto market.
Price Action: At the time of writing, the price of ETH was trading at $3,503, up 2.71% in the last 24 hours, according to Benzinga Pro.
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