Ripple Execs feel that SEC has shown favoritism by approving ProShares’ Bitcoin ETF. Previously, SEC has attacked XRP in many instances, which could be why they feel this way.
The US SEC made history last week by approving Bitcoin futures ETF from ProShares. During the interview with Fox Business, Ripple CEO said this decision could be good for XRP. It demonstrates that at least one cryptocurrency has certainty and clarity. However, before the interview, sharing his thoughts on the topic, the interviewer speculated that the Bitcoin ETF approval had annoyed Ripple executives. According to him, they felt that SEC was picking winners and losers.
“I think people at Ripple are actually annoyed that the SEC is approving a Bitcoin ETF, while they are attacking XRP and Ripple.”
SEC Chair made a distinction between the ProShares Bitcoin Futures ETF and the unapproved “regular” Bitcoin ETF. He said that:
“I think what you have here is a product that’s been overseen for four years by a US federal regulator and CFTC, and that’s being wrapped inside of something that within our jurisdiction called the Investment Company Act of 1940.”
The Lawsuit Against Ripple
Moving on to the lawsuit against Ripple, some conjecture that the only choice left for SEC is to settle. In this way, the regulator can limit further damage to its reputation and continue its arbitrary lawsuits.
Garlinghouse reaffirmed that Ripple has no plans to settle with SEC and intends to take the case to trial.
“The one thing that Ripple cares about more than anything, and really for the whole XRP ecosystem, is there’s clarity going forward that XRP is not a security. If that’s not in the cards in the settlement, then there’s nothing to settle.”
It is safe to assume that SEC has already put forward a settlement offer. However, Ripple isn’t looking to settle.
