Garlinghouse Backtracks on BTC as Ripple Gains Ground on SEC & XRP Soars

After controversy on social media, Ripple CEO Brad Garlinghouse seems to have tuned down some of his criticism of bitcoin (BTC) although Ripple itself scored a legal victory last week. As previously reported, the Ripple CEO, who is currently battling the Securities and Exchange Commission (SEC) of the US over the existence of the Ripple-affiliated XRP token, took attacked BTC’s energy credentials.

 

Last week, the Chairman of the Technology Office of Ripple said that BTC’s Proof of Work Consensus system “is not suitable as a payments mechanism” because had been sold by a slogan a “secret sauce” of its heavy energy consumption, but revealed “cracks” straight from its inception.

Garlinghouse, however, acknowledged in a series of tweets that it “hit the nerve,” explaining his disapproval of a “ban” on BTC. “We should have to collectively recognize Proof of Work’s as carbon footprint,” he said.

He also included his references for his BTC energy consumption estimates and concluded with a rallying cry and final appeal to the BTC Community,

bitcoin exchange

 

“We have the means to make cryptocurrency fully renewable and achieve its full potential. Instead of accusing me of propagating FUD [fear, uncertainty, and doubt], let us reflect on ways to improve the minds of [US Treasury Secretary] Janet Yellen, Bill Gates, and countless others who have posed questions about energy use.”

Garlinghouse was posting as XRP rates rose again in the early hours of Monday morning, peaking at just over USD 0.7 (UTC). 

XRP trades at US$ 0,69 and is 17 percent a day and 26 percent a week.

On an XRP website, token supporters celebrated the “return of the 70s” and market peaks not seen since 2018 – despite the fact that the token experienced a period of rapid growth in November of last year.

“I expect we will see some fireworks as we pass through USD 0.80 probably in the upcoming days. If the breakthrough is followed by some good news regarding security and exchange commission cases (review decision on the existing XRP position, relisting, agreement, etc.), it is the ideal situation. “Until then, I’ll just hold on,”

 

Ripple scored a strategic win last week, with a court in New York deciding to declassify the details of an email conversation between Garlinghouse and an unidentified person regarding Ripple’s venture capital activities, and also two unnamed groups discussing how the general public perceives XRP – according to Tweets issued by the corporation’s lawyer.

Ripple has hoped to compel the redaction of two more emails, one of which contains financial information about Ripple co-founder Chris Larsen. 

The second one is a transaction with private investors. 

 

The SEC is adamant that these two papers be used as proof in the courtroom.

The token’s recent rise has brought it far above the rate it was traded from the point at which SEC’s intervened in December 2020, when it reported that it was “alleging that [Ripple’s leaders] earned over USD 1.3 billion via a non – registered, operating digital asset bonds offer.”