Ethereum

2024

<ul>
 <li>XRP community criticizes SEC’s perceived bias as Ethereum receives a second pass, questioning regulatory consistency.</li>
 <li>Ripple has spent over $100M on SEC legal battles, highlighting disparity in treatment compared to Ethereum.</li>
 <li>SEC’s suspension of Ethereum lawsuit sparks decentralization debate, impacting Ripple’s ongoing legal case.</li>
</ul>
<p><br>The U.S. Securities and Exchange Commission (SEC) has <a href="https://cryptonewsland.com/sec-ends-ethereum-investigation-paving-the-way-for-etf-launch/" rel="noopener noreferrer nofollow">suspended its lawsuit </a>challenging Ethereum’s status as a security, marking the second time in six years that Ethereum has received a favourable decision from the SEC.&nbsp;</p>
<p>This development, which coincides with the anticipated approval of a spot Ethereum ETF, has been welcomed by the Ethereum community but has raised significant discontent within the XRP community.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Ethereum’s second free pass from the SEC almost exactly 6 years after the Hinman free speech. <br><br>Ethereum’s and Ripple’s different treatment will forever show how arbitrary the SEC has been in crypto. <a href="https://t.co/Coxf6czO9r" rel="noopener noreferrer nofollow">https://t.co/Coxf6czO9r</a> <a href="https://t.co/WNcacVYhNE" rel="noopener noreferrer nofollow">pic.twitter.com/WNcacVYhNE</a></p>— bill morgan (@Belisarius2020) <a href="https://twitter.com/Belisarius2020/status/1803246162776039697?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 19, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h3 class="wp-block-heading" id="h-xrp-community-s-response"><strong>XRP Community’s Response</strong></h3>
<p>Members of the XRP community, notably Bill Morgan, have criticised the SEC for what they perceive as inconsistent regulatory treatment between Ethereum and Ripple. Morgan pointed out that Ethereum received a second clearance from the SEC nearly six years after the Hinman speech, which clarified Ethereum’s non-security status. This contrasting treatment has led to accusations of arbitrary and biased regulatory practices by the SEC.</p>
<h3 class="wp-block-heading" id="h-criticism-of-sec-s-actions"><strong>Criticism of SEC’s Actions</strong></h3>
<p>Analysts and members of the crypto community have voiced strong criticisms against the SEC’s actions. Crypto analyst, <a href="https://x.com/digitalassetbuy" rel="noopener noreferrer nofollow">digitalassetbuy</a> on X, highlighted that Ripple has spent over $100 million addressing SEC’s regulatory challenges over the past three years, in stark contrast to Ethereum’s experience.&nbsp;This analyst labelled the SEC’s approach as unfair and suggested that Ripple executives Brad Garlinghouse and Chris Larsen consider legal action against the SEC and others involved, coining the term “ETHGATE.”</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">I'll say it for the 1000th time. We are not done with exposing the ETHGATE/SEC corruption until there is a level playing field. There is nothing level about letting Ethereum off the hook within months while keeping <a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@ripple</a> in a lawsuit for over three years at hundreds of… <a href="https://t.co/PbdRFirhLI" rel="noopener noreferrer nofollow">https://t.co/PbdRFirhLI</a></p>— Digital Asset Investor (@digitalassetbuy) <a href="https://twitter.com/digitalassetbuy/status/1803438934678004176?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 19, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h3 class="wp-block-heading" id="h-decentralization-debate"><strong>Decentralization Debate</strong></h3>
<p>The issue of decentralization has also been a point of contention. Critics have questioned why the SEC felt the need to correspond with <a href="https://consensys.io/crypto-regulations/defend-ethereum?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=cmp-179181659-afbf08" rel="noopener noreferrer nofollow">ConsenSys</a> if Ethereum is truly decentralized. Morgan argued that the concept of decentralization is often used ambiguously and lacks clear criteria for determining whether a token is a commodity or a security.</p>
<h3 class="wp-block-heading" id="strong-potential-positive-outcomes-for-ripple-strong"><strong>Potential Positive Outcomes for Ripple</strong></h3>
<p>Despite the controversy, there is a potential positive development for <a href="https://cryptonewsland.com/sec-vs-ripple-battle-reaches-penultimate-conclusion-settlement-in-millions/" rel="noopener noreferrer nofollow">Ripple in its ongoing legal battle</a>. Speculation suggests that the SEC might reduce the $2 billion fine imposed on Ripple. Such a development could positively impact XRP’s market performance, potentially driving its price towards $1.</p>
<h4 class="wp-block-heading" id="h-read-also">Read also</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/could-og-ethereum-co-creator-derail-the-secs-rampage-and-expose-ethgate/" rel="noopener noreferrer nofollow">Could OG Ethereum Co-Creator Derail the SECs Rampage and Expose ETHGate?</a></li>
 <li><a href="https://cryptonewsland.com/crypto-leaders-discuss-ethgate-ethereums-regulatory-treatment-under-scrutiny/" rel="noopener noreferrer nofollow">Crypto Leaders Discuss ETHGate: Ethereum’s Regulatory Treatment Under Scrutiny</a></li>
 <li><a href="https://cryptonewsland.com/ethereum-under-investigate-following-blackrocks-decision-ethgate-reveal/" rel="noopener noreferrer nofollow">Ethereum Under Investigate Following BlackRock’s Decision, ETHGate Reveal?</a></li>
 <li><a href="https://cryptonewsland.com/xrp-vs-sec-case-inches-closer-to-unraveling-ethgate-conspiracy/" rel="noopener noreferrer nofollow">XRP vs SEC Case Inches Closer to Unraveling ETHGate Conspiracy</a></li>
 <li><a href="https://cryptonewsland.com/discussion-over-eths-top-investment-potential-fuels-ethgate-conversation/" rel="noopener noreferrer nofollow">Discussion Over ETH’s Top Investment Potential Fuels ETHGate Conversation</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/ethereum-gets-another-free-pass-as-the-legacy-of-ethgate-grows-unchecked-xrp-army-vexed/" rel="noopener noreferrer nofollow">Ethereum Gets Another Free Pass as the Legacy of ETHGate Grows Unchecked, XRP Army Vexed</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Ethereum Gets Another Free Pass as the Legacy of ETHGate Grows Unchecked, XRP Army Vexed

Table of Contents

Crypto News Land

Other articles published on Jun 19, 2024

Schiff Names Surprising Reason Why Nvidia’s Rise Is Bearish for Bitcoin

MoonBag Coin Breaks All Presale Records, Raising Over $2.5 Million in the Sixth Stage of Presale

Big shocker on Trump-linked crypto, Shkreli ties revealed

These Are Altcoins With The Best Market Entry Right Now (DTX, LDO, UNI)

dYdX Launches Version 5.0.0 with Isolated Markets and LP Vaults

Best New Casinos 2024: How To Pick The Right One With Top Features?

Join our free newsletter for daily crypto updates!