XRP Community Claims US SEC's Bias Towards Bitcoin and Ethereum

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by Giorgi Kostiuk

2 years ago

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  1. Manipulation Accusations
  2. Criticism of Ripple Lawsuit
  3. Community Reactions


    4. The XRP community once again sparks discussions on X, questioning the US SEC’s neutrality towards cryptocurrencies Bitcoin and Ethereum.

    Manipulation Accusations

    The XRP community has reignited conversations on X, questioning the US SEC's bias towards Bitcoin and Ethereum. An X user 'Digital Asset Investor' recently shared a video on X featuring former SEC counsel Nancy Wojtas. In the video, she emphasized, 'Tokens are mutable, you know they can change. That’s what Bill Hinman said. And it’s like, well, we don’t really believe that.' According to the community, the statement reveals the SEC’s inconsistency, which allowed Ethereum to thrive while keeping other digital assets like Ripple’s native token under scrutiny. Meanwhile, the user further alleged that the agency intentionally created a gray area in the regulatory system to give Bitcoin and Ethereum a competitive edge.

    Criticism of Ripple Lawsuit

    The legal battle Ripple against US SEC, which saw its conclusion recently, lasted four years without fraud accusations, igniting the community’s frustration. Many argue that the agency’s aggressive approach towards Ripple contrasts with its treatment of Ethereum. In addition, Digital Asset Investor questioned why the agency halted its investigation into whether Ether is a security, pointing to former director Hinman’s 2018 statement that Ethereum was not a security. This decision, coupled with his involvement in the crypto industry, has long been controversial.

    Community Reactions

    The XRP community responded critically to Vitalik Buterin’s statements on selling ETH to support other projects, likening his actions to a securities transaction and questioning why the agency has not taken similar action against Ethereum. Additionally, pro-XRP lawyer Bill Morgan cited Elon Musk’s comments on monopolistic behavior by industry regulators and suggested that the agency’s actions under Hinman and former Chair Jay Clayton displayed clear favoritism. This year, the XRP community’s concerns have intensified, especially after the agency dropped its lawsuit challenging Ethereum’s security status and approved the first Spot Ethereum ETF in the US.

    The XRP community continues to criticize the US SEC for alleged bias towards Bitcoin and Ethereum, demanding equal regulation for all digital assets.

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