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XRP Community Outraged as SEC Grants Ethereum Free Pass on Security Status

XRP Community Lashes Out As SEC Gives Free Pass to Ethereum On Security Status.

Wed, 19 Jun 2024, 09:05 am UTC

The XRP community, led by prominent member Bill Morgan, has expressed outrage over the SEC's preferential treatment of Ethereum, urging Ripple to take legal action. Despite these grievances, XRP's price remains stable.

XRP Community Criticizes SEC's Favoritism Towards Ethereum, Urges Ripple to Take Legal Action

As CoinGape reported, Bill Morgan, a respected figure in the XRP community, has voiced his discontent with the SEC's uneven treatment of Ethereum and Ripple. Analysts are pushing Ripple to take legal action against the Securities and Exchange Commission (SEC). Despite these developments, XRP's pricing remains unaffected.

Bill Morgan, a prominent member of the XRP community, has expressed his dissatisfaction with the US SEC and has been critical of the unequal treatment that Ethereum and Ripple have received. Morgan has emphasized that the SEC granted Ethereum a second pass nearly six years after the Hinman speech, which clarified its non-security status. He also pointed out that the disparate treatment of ETH and XRP underscores the SEC's arbitrary approach to crypto regulations.

“Ethereum’s second free pass from the SEC almost precisely six years after the Hinman free speech. Ethereum’s and Ripple’s different treatment will forever show how arbitrary the SEC has been in crypto,”Morgan stated.

Some contended that the SEC was required to compose a letter to ConsenSys due to Ethereum's decentralized nature. Morgan asserted that the term "decentralized" is entirely fabricated, and no one has ever elucidated how it determines whether a token is a security or a commodity.

Analyst Highlights Ripple's $100M Legal Battle with SEC, Calls for Action Over ETHGATE

@digitalassetbuy, a pseudonymous analyst, has expressed severe criticism of the SEC's regulatory actions while also drawing a comparison between them and the treatment that Ripple has received.

The analyst pointed out that Ripple has spent over $100 million in the past three years to address the SEC's regulatory concerns, a stark contrast to Ethereum. The analyst argued that this financial burden indicates the government's unjust actions, prompting him to advise Ripple's top executives, Brad Garlinghouse and Chris Larsen, to initiate legal proceedings against the SEC and other involved parties. He referred to this as the ETHGATE.

The SEC may reduce Ripple's $2 billion sanction, which could be a positive development in the XRP lawsuit. Any positive development could initiate the XRP price rally toward $1.

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