Ripple CEO Brad Garlinghouse stated that Ether (ETH), has overtook the company’s XRP token in market capitalisation due to the US Securities and Exchanges Commission. (SEC ).).

According to Garlinghouse’s report, the US regulator’s approach to ETH was largely encouraging investors. It gave it a free pass which allowed the native token of the smart contract platform to surpass XRP on the market.

XRP was, in the past few years, the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped,” he said.

Ripple’s XRP currently holds the seventh spot among the most popular cryptocurrencies with a market capital of $52 trillion according to CoinGecko data. After the 2017 bull market, Ethereum has held the second place for four years. The Ether (ETH) cryptocurrency currently has a market cap of over $490 billion after its price surged to set a new all-time high above $4,000.

In comments made on Thursday 21 October at the DC Fintech Week, the Ripple exec also claimed that the SEC’s approach was based on “outdated” laws. He wondered why it was easier for a former official of the agency to declare that Ethereum wasn’t a security. However, Gary Gensler, the SEC Chair, cannot make the same statement.

Garlinghouse comments are made at a time when Ripple is fighting the US watchdog’s claim that XRP was a security being illegally sold by Ripple labs and company top brass. The company has been the subject of class-action lawsuits in the past.

Despite these events, more holders of XRP feel that the SEC unfairly targeted Ripple. Garlinghouse shares this view. According to him, there almost 50,000 holders of the token “are trying to sue the SEC for ‘protecting them‘. “

The court has allowed XRP holders, who are now amicus curiae, to become friends of the court. The same judge who ruled in the Ripple case against the SEC said that token holders could not be defendants.

XRP lost approximately 67% its value since reaching an all-time high at $3. 40 7 January 2018. Its current price is $1. 11 means its value is up more than 27% in the past 30 days and more than 340% up since this time last year.