During an appearance at the DC Fintech Week virtual conference, Ripple CEO Brad Garlinghouse confirmed that the regulatory clarity Ether, the second largest cryptocurrency, has received from the US Securities and Exchange Commission has enabled it to overtake XRP:
“In the past few years, XRP has been the second most valuable digital asset. When it was reported that the SEC had given the ETH the green light, the ETH clearly exploded … That was the decisive factor. “
In December 2017, XRP became the second largest cryptocurrency, but has since slipped to seventh place.
Meanwhile, Ether is firmly in second place right now, with its market cap recently overtaking banking giant JPMorgan.
Garlinghouse criticized Gary Gensler for refusing to answer whether ETH was a security, adding that current securities laws were out of date.
The Ripple boss reiterated the lack of regulatory clarity in the US.
“We thrive outside of the US.”
He also praised the “Twitter Sleuths” who were busy analyzing the SEC lawsuit against Ripple.
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