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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, argued 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.
remind me when you learned securities law?! This is embarrassing for you (and hilariously wrong as there is no framework to register digital assets in the US), but we're all used to you making controversial statements and trolling about things you know nothing about…
— Brad Garlinghouse (@bgarlinghouse) May 9, 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) May 9, 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 requested 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.