- The XRP community is up in arms over perceived preferential treatment of Ethereum by the SEC.
- A prominent community member, Bill Morgan, has voiced criticism of the SEC’s actions.
- Analysts are urging Ripple to take legal action against the SEC for ongoing legal battles.
The SEC’s unequal treatment of Ripple and Ethereum sparks controversy among the XRP community.
XRP Community Criticizes SEC for Favoring Ethereum
The U.S. Securities and Exchange Commission (SEC) is under fire from the XRP community for what is seen as biased regulation. The SEC recently withdrew its lawsuit against Ethereum, just before the approval of the spot Ethereum ETF, highlighting a marked difference in its treatment of Ethereum and Ripple. XRP advocates argue that this differential treatment is unfair and unfounded.
Bill Morgan’s Outcry Against the SEC
Bill Morgan, a notable figure in the XRP community, has publicly condemned the SEC for what he sees as biased regulatory practices. He pointed out that Ethereum has been given leniency by the SEC, especially in light of the Hinman speech six years ago that provided Ethereum clarity on its non-security status. Morgan argues that this disparity in the treatment of Ethereum and Ripple underlines the arbitrary nature of the SEC’s approach to cryptocurrency regulation.
Ethereum’s Controversial Free Pass
According to Morgan, Ethereum receiving a second “free pass” six years after the Hinman speech demonstrates the SEC’s inconsistency. He emphasized that the SEC’s action has created a significant divide within the crypto community, raising questions about the SEC’s criteria for regulatory decisions. Morgan’s criticism highlights the community’s frustration with the SEC’s seemingly inconsistent policies.
Calls for Ripple to Sue the SEC
Prominent analysts in the crypto space are advocating for Ripple to take legal action against the SEC. Pseudonymous analyst @digitalassetbuy has drawn attention to the substantial financial and legal strain Ripple has faced, spending over $100 million in its battle against the SEC. The analyst suggests that Ripple’s executives should consider a lawsuit against the SEC and other involved parties, terming the situation as an ‘ETHGATE’ scandal.
Analysts also speculate that the SEC might reduce its $2 billion fine on Ripple, potentially triggering a rally in XRP prices. Such developments could significantly impact the market dynamics for XRP and reflect broader regulatory shifts in the crypto sector.
Conclusion
The ongoing debate around the SEC’s treatment of Ripple and Ethereum continues to fuel tensions in the crypto community. Bill Morgan and other prominent figures have voiced strong criticisms, calling out regulatory disparities and urging Ripple to seek legal recourse. As the situation evolves, the crypto market will be closely watching for any regulatory changes that could impact the broader financial landscape.
