XRP Community Frustrated with SEC’s Favoritism Towards Ethereum
Criticism from the XRP community has been directed at the US Securities and Exchange Commission (SEC) for what they perceive as unequal treatment compared to Ethereum. The recent decision by the SEC to suspend their lawsuit against Ethereum has sparked a debate over the fairness of crypto regulation.
The SEC’s move to halt the lawsuit challenging Ethereum’s security status just before the approval of a spot Ethereum ETF has raised eyebrows within the XRP community. Additionally, the SEC has closed its investigation into Ethereum 2.0, a development that was previously reported by ETHNews.
One prominent member of the XRP community, Bill Morgan, publicly called out the SEC for its perceived bias in handling Ethereum and Ripple. Morgan highlighted the fact that Ethereum received a second chance nearly six years after a speech by Hinman, clarifying that Ethereum is not considered a security. This differential treatment of Ethereum and XRP, according to Morgan, exposes the SEC’s inconsistent approach to cryptocurrency regulations.
In a tweet, Morgan expressed his frustration, pointing out the arbitrary nature of the SEC’s actions towards Ethereum and Ripple. He questioned the need for the SEC to issue a letter to ConsenSys if Ethereum is truly decentralized, suggesting that the concept of decentralization is ambiguous and lacks concrete criteria for determining a token’s classification as a security or commodity.
Meanwhile, according to market data from CoinMarketCap, XRP is currently trading at approximately $0.4892, showing a 2.29% decrease from the previous day but indicating a bullish trend with a 1.35% increase over the past week. The SEC’s rejection of Ripple’s $10 million settlement offer has also been controversial, with the SEC arguing that comparing this amount to a $4.47 billion settlement with Terraform Labs is misleading and inappropriate for determining fines.
As the debate over the SEC’s treatment of Ethereum and Ripple continues, the XRP community remains critical of what they perceive as favoritism towards Ethereum in the realm of crypto regulation.