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The XRP community is furious over allegations that the US SEC is favoring Bitcoin and Ethereum, a move seen as deeply unfair by XRP supporters and sparking widespread criticism in the crypto world.
XRP Community Fumes Over Alleged SEC Favoritism
Many in the XRP community feel the US SEC is trying to influence the cryptocurrency market through manipulation. Crypto aficionados have recently taken to social media in droves, accusing the agency of having a bias towards Bitcoin and Ethereum.
Coingape reveals that a surge of social media investors brought attention to the remarks made by William Hinman, the former director of the agency, about Ethereum. This has only served to heighten the already heated debate around the cryptocurrency market.
XRP Supporters Criticize SEC’s Alleged Bias
The XRP community has reignited the X conversation by casting doubt on the US SEC's impartiality towards Ethereum and Bitcoin. X user "Digital Asset Investor" recently posted a video on X that included Nancy Wojtas, who was a former lawyer for the SEC. Throughout the video, her focus was on:
The community sees the remark as evidence of the SEC's hypocrisy, which they say allowed Ethereum to prosper while it scrutinized Ripple's native coin and other digital assets. The user went on to say that the government body knowingly left regulatory loopholes open so that cryptocurrencies like Bitcoin and Ethereum might have an advantage.
They wanted to know why Vitalik Buterin, creator of Ether and a recent admittance that he sold ETH to fund other companies, had not been subject to the same legal action as Ripple. While discussing his recent ETH sales, Buterin made the following statement:
His actions were criticized by the XRP community, who compared them to a securities transaction and wondered why the agency hadn't done the same for Ethereum.
Frustration Grows Over Ripple’s Legal Battle Outcome
The community was understandably frustrated because the four-year legal struggle between Ripple and the US SEC finally came to a close without any claims of fraud. Some say the agency's lenient stance towards Ethereum is in stark contrast to its harsh stance towards Ripple.
Digital Asset Investor also raised concerns about the agency's decision to end its inquiry into the security status of Ethereum, citing a comment made by former director Hinman in 2018 in which he denied that Ethereum constituted a security. There has been much debate regarding this choice and its ties to the cryptocurrency market for some time.
Pro-XRP Lawyer Points Out SEC’s Partiality
Elon Musk's remarks about monopolistic behavior by industry authorities were recently quoted by pro-XRP lawyer Bill Morgan, who shared this sentiment. Morgan claimed that there was obvious partiality in the agency's behavior under Hinman's and former Chair Jay Clayton's tenure.
However, worries among the XRP community have grown stronger this year, particularly following the agency's decision to withdraw its lawsuit contesting Ethereum's security certification. Additionally, it occurs shortly before the first Spot Ethereum ETF in the US is approved.
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