Top Exchange CEO Says A Win for Ripple Is a Victory for Crypto 

While XRP and the broader crypto community anticipate the end of the Ripple/SEC lawsuit, the CEO of California-based crypto exchange BitGo, Mike Belshe, expressed his support for Ripple. In a June 17 tweet, Belshe said a victory for Ripple in the XRP lawsuit is a win for the entire cryptocurrency space. 

Belshe’s remark comes as a response to Ripple CEO Brad Garlinghouse’s video on the recently-redacted Hinman’s documents and SEC’s refusal to provide crypto regulatory clarity.

Is A Win for Ripple A Win For Crypto?

It bears mentioning that several industry figureheads shared similar sentiments with Belsha. Many crypto enthusiasts and top industry players believe a win for the fintech company will set the pace for a clear crypto regulatory framework. Most are optimistic it would end the SEC’s regulatory witch-hunting on crypto firms.

However, despite lamentation by several crypto proponents, the SEC is unwilling to relax its aggressive regulatory approach to crypto. Earlier this month, the commission filed lawsuits against two world’s largest cryptocurrency exchanges by trading volume, Coinbase and Binance.

The regulator labeled several crypto assets as securities in the lawsuit, alleging the exchanges violated the US securities laws by offering the listed cryptocurrencies.

It is uncertain which crypto firm comes next in the SEC’s enforcement action, considering the SEC’s latest move against the two exchanges.

Since Ripple and the SEC struggles over the status of XRP as security in the ongoing lawsuit, most community members believe the court ruling will provide precedence for similar future and existing cases.

Bitcoin Maximalists Condemn Belshe’s Support for XRP

Although many crypto enthusiasts may agree with BitGo’s CEO, his opinion didn’t sit well with Bitcoin proponents. A Bitcoin Maxi, Mitch, slammed the CEO for throwing his weight behind Ripple in the ongoing battle with the SEC.

Mitch said Belshe’s support for Ripple squashed his previous admiration for BitGo. He speculated that BitGo would soon join the growing list of bankrupt crypto exchanges.

Belshe responded that the SEC would attack all crypto irrespective of one’s favorite token, whether Bitcoin, Ether, or XRP. The BitGo CEO urged Mitch and his fellow BTC proponents to choose their enemies wisely.

But Mitch, responding to Belshe, said Bitcoin isn’t crypto. Interestingly, the exchange between Belshe and Mitch triggered a debate among other BTC enthusiasts.

Another Bitcoin proponent BTCBello joined the debate, arguing that Bitcoin is powered by electricity and protected by cryptography. He invited a top Bitcoin proponent Adam Back to join the argument and clarify Belshe on the topic.

Adam Back said that Bitcoin is not crypto has to do with its decentralized model. He noted that the word crypto now means cryptocurrency than cryptography. 

In addition, Back said centralization is prevalent among altcoins, adding that most altcoins are securities. However, Belshe responding to Back’s assertion, said Bitcoin was centralized in its early days but edged towards decentralization. He noted that his desire for Ripple to win is to enable a regulatory change, not because he loves XRP.