XRP community expresses discontent with SEC’s differential treatment towards Ethereum.
Debate arises over fairness of crypto regulation as SEC halts Ethereum lawsuit.
In a surprising move, the US Securities and Exchange Commission (SEC) decided to pause its legal battle questioning Ethereum’s security status just before the potential approval of a spot Ethereum ETF. The SEC has also ceased its investigation into Ethereum 2.0, as reported by ETHNews.
While the Ethereum community celebrates this development, the XRP community has criticized the SEC for its biased actions.
Bill Morgan, a prominent member of the XRP community, has publicly condemned the SEC for its unequal treatment of Ethereum and Ripple. He pointed out that despite almost six years passing since the Hinman speech, the SEC has given Ethereum a clear pass as a non-security. This differential treatment between ETH and XRP highlights the arbitrary nature of the SEC’s approach to cryptocurrency regulations.
Many within the community have questioned why the SEC felt the need to intervene with ConsenSys if Ethereum is truly decentralized. According to Morgan, the concept of decentralization is ambiguous, and there is no clear criteria on how the SEC determines whether a token is a security or a commodity.
According to CoinMarketCap data, XRP is currently trading at approximately $0.4892, experiencing a 2.29% decrease from the previous day. However, there has been a bullish trend with a 1.35% increase over the past seven days.
In a related development, the SEC rejected Ripple’s $10 million settlement offer and pushed for harsher penalties. The SEC argued that comparing this settlement to the $4.47 billion fine imposed on Terraform Labs was misleading and inappropriate for determining fines.
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