Ripple CEO Brad Garlinghouse recently recalled XRP’s early days and its prominence in the cryptocurrency market before the United States Securities and Exchange Commission (SEC) came with a regulatory hammer.
In a trending video shared by Altcoin Daily (@AltcoinDailyio) on X, Garlinghouse recalled the time when XRP was the second most valuable digital asset ahead of Ethereum (ETH).
He emphasized that this was before the involvement of the U.S. Securities and Exchange Commission (SEC) in the crypto space, which pushed XRP’s price down and suppressed it since 2020.
Ripple CEO: “Before the SEC got involved in crypto, $XRP was the 2nd most valuable digital asset.” pic.twitter.com/ysCxY0YxJd
— Altcoin Daily (@AltcoinDailyio) November 17, 2024
Ripple’s Legal Battles
The SEC filed a lawsuit against Ripple in December 2020, alleging that the company conducted an unregistered securities offering through its sales of XRP. This legal battle has been a major factor in shaping the cryptocurrency’s market performance, as regulatory uncertainty often affects investor confidence.
Garlinghouse highlighted the significant impact of regulatory actions on the market, pointing out that XRP’s value declined after the SEC initiated its lawsuit against Ripple, while ETH rose in prominence.
“This is not how our government is supposed to work,” Garlinghouse stated, criticizing what he described as an uneven playing field created by the SEC’s actions. He argued that the government should not be in the position of “picking winners and losers” in the cryptocurrency market.
Despite these challenges, Garlinghouse expressed confidence in Ripple’s ability to prevail in the long term, though he acknowledged the frustration within the XRP community.
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A Major Regulatory Shift
Ripple has defeated the SEC in multiple aspects of the lawsuit, but the regulator refused to back down. However, recent developments suggest potential changes on the horizon. During his campaign, President-elect Donald Trump pledged to remove SEC Chair Gary Gensler on his first day in office.
Gensler has faced criticism from various corners of the crypto industry for his regulatory approach, which many perceive as overly restrictive. Speculation about his possible resignation has already had a measurable impact on the market. When Gensler hinted at stepping down, XRP surged by 20%, signaling the market’s optimism about regulatory relief.
The broader cryptocurrency community is preparing for a transformative period if Gensler leaves and the SEC adopts a new regulatory approach. Some prominent voices believe XRP could regain its former position as a market leader, surpassing Ethereum once again.
For now, XRP remains one of the most discussed assets in the crypto space, with its supporters hopeful that justice and clarity will ultimately restore its status in the market. At press time, XRP traded at $1.09, up 4.78% over the past 24 hours.
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