The XRP community has taken a jab against the US SEC for manipulating the crypto market. In a series of social media posts recently, a flurry of crypto enthusiasts accused the agency of favoring Bitcoin and Ethereum. A flurry of social media investors also highlighted the statements of former director of the agency, William Hinman on Ethereum, further fueling discussions on the long-running controversy in the crypto market.
XRP Community Accuses US SEC For Crypto Manipulation
The XRP community has once again ignited conversation 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 a former SEC counsel, Nancy Wojtas. In the video, she emphasized that “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.
They questioned why Ether founder Vitalik Buterin, who recently admitted to selling ETH to support other projects, has not faced the same legal challenges as Ripple. Buterin, who recently commented on his ETH sales, stated:
All sales have been to support various projects that I think are valuable, either within the Ethereum ecosystem or broader charity, such as biomedical R&D.
XRP community responded critically, likening his actions to a securities transaction and questioning why the agency has not taken similar action against Ethereum.
Ripple Lawsuit Sparks Criticism Amid Ethereum ETF Launch
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.
Echoing this sentiment, pro-XRP lawyer Bill Morgan recently cited Elon Musk’s comments on monopolistic behavior by industry regulators. Morgan suggested that the agency’s actions under Hinman and former Chair Jay Clayton displayed clear favoritism.
On the other hand, the XRP community’s concerns have intensified this year, especially after the agency dropped its lawsuit challenging Ethereum’s security status. Besides, it also comes just ahead of the approval of the first Spot Ethereum ETF in the US.
Rupam Roy
Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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