Bittime - The crypto world was shocked again by the statement of Ripple CEO, Brad Garlinghouse. He openly supports Ethereum which is currently fighting with the SEC (Securities and Exchange Commission) regarding the classification of crypto assets.
Garlinghouse's move was more than just a defense of Ethereum, but also became the starting point of a major debate about the legitimacy and future of crypto as an independent financial instrument.
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Open Criticism of the SEC
Garlinghouse's support is not just a compliment to Ethereum. This is an open criticism of the SEC's approach which is seen as stifling crypto innovation. Garlinghouse even called SEC chairman Gary Gensler an "unethical figure."
This action illustrates the tension between giant crypto companies and regulators.
Also read: What is Ethereum (ETH) 2.0 and how is it different from Ethereum
Support for Ethereum by Garlinghouse actually has a double importance. Apart from wanting to clarify the legal status of Ripple, which has been accused of being a security by the SEC since 2020, he also wants to build a coalition.
This coalition aims to fight regulations that are considered arbitrary in the crypto world. Classifying cryptocurrencies as securities will burden them with various additional rules and obligations.
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Strategic Alliance Supports Ethereum
Consensys, a key player in Ethereum software development, is an important name in this alliance. They aggressively defend the status of ETH which is not a security. In fact, Consensys just sued the SEC for abuse of power in this regard.
Consensys' lawsuit is based on a previous SEC statement that exempted ETH from securities regulations.
Also read: Ripple vs SEC Update: Ripple Has Submitted All Details Requested by SEC
Contradictory Voices Appear
Amidst the wave of support, a countering voice emerged from Steven Nerayoff, a former Ethereum advisor. He argued that the Ethereum cryptocurrency is "undoubtedly" a security.
Nerayoff's views, quoted by Coinpedia, remind us that the journey towards clear legal and regulatory definitions is still full of challenges.
The Future of Ethereum: ETFs and Regulation
The development of Ethereum regulations is not just a matter of statements and lawsuits. The approval of an Ethereum-based ETF (Exchange Traded Fund) would be a big win. However, experts such as Justin Sun and Eric Balchunas are skeptical about its short-term realization.
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Balchunas estimates the chances of approval for the ETF are only 25%. This shows the SEC's caution is still an obstacle to the rapid growth of the crypto world.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
The Important Role of the Ethereum Virtual Machine (EVM) in the Ethereum Ecosystem
Ripple (XRP): SEC Requests Ripple Financial Report Post-Approval of Bitcoin Spot ETF
SEC vs Ripple: Here's What You Need to Know!
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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