In a recent altercation between Ripple CEO Brad Garlinghouse and top venture capitalist Jason Calacanis, the two disagreed sharply on the topic of XRP’s security status.
The debate began when Calacanis, a well-known investor in different startups, took to Twitter to criticize the cryptocurrency’s status as an unregistered security. This prompted Garlinghouse to respond, citing Calacanis’ claim as embarrassing.
Read More: Brad Garlinghouse Reiterates His Optimism in Ripple Winning the XRP Lawsuit
“Xrp is obviously a security” “It would have cost little for the Ripple team to have registered it as a security and played by the rules- like everyone else in the industry does all day long Xrp- Calacanis tweeted”
In response to Calacanis, Garlinghouse wrote, “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…“
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
The exchange quickly escalated, with Garlinghouse accusing Calacanis of having a “lack of understanding” about XRP and the company’s business model. Calacanis retorted, pointing out that he was an experienced investor who had made considerable investments in the sector and had been studying the technology and the cryptocurrency market for years.
Calacanis, however, remained unconvinced, arguing that the lack of official rulings on XRP’s status was concerning and that it could be considered a security by the SEC in the future.
The spat between the two attracted the attention of many other crypto big guns, such as John Deaton, Erik Voorhees of ShapeShift.com, Tony Edward of Thinking Crypto Podcast, and a number of others.
The clash between the two is yet another sign of the uncertainty that surrounds XRP and its status as a security. While the Ripple and SEC lawsuit is still ongoing, the recent exchange between the two indicates that the debate is far from settled.
Recall that, Ripple CEO Brad Garlinghouse has expressed optimism that the sixth-largest cryptocurrency by market cap will prevail in its ongoing lawsuit with the US Securities and Exchange Commission (SEC).
It remains to be seen how the lawsuit will end, but in the meantime, the debate between Garlinghouse and Calacanis should provide food for thought for investors and regulators alike.
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