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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/decentralization-dilemma-unveiling-the-secs-bias-towards-bitcoin-and-ethereum/">Decentralization Dilemma: Unveiling the SEC’s Bias towards Bitcoin and Ethereum</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://twitter.com/Leerzeit" rel="noopener noreferrer nofollow">Mr. Huber</a>, a well-known crypto figure, has raised thought provoking questions surrounding the Securities and Exchange Commission’s (SEC) stance on digital tokens. His recent tweet questions the apparent favoritism shown by the SEC towards Bitcoin and Ethereum, the two leading cryptocurrencies, while subjecting others to stringent security classifications.</p> 
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">What I find very exciting: How do Bitcoin Maxis actually explain the Hinman speech, the policy on Ethereum under Clayton, and that the ICO and Ethereum are the only SEC-backed digital currencies besides Bitcoin to this day? I mean I hear a lot about it being "centralized", but…</p>— Mr. Huber 
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   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Leerzeit) <a href="https://twitter.com/Leerzeit/status/1688482296901349376?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 7, 2023</a> 
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<p>Huber challenges Bitcoin maximalists to explain the SEC’s treatment of Ethereum following its initial coin offering (ICO). His curiosity stems from the SEC’s declaration two years post-Ethereum’s ICO that it was “sufficiently decentralized,” while many <a href="https://twitter.com/Leerzeit/status/1688464278741737472" rel="noopener noreferrer nofollow">other tokens continue to face scrutiny</a>.</p> 
<h2 id="challenging-genslers-crypto-stance" data-name="challenging-genslers-crypto-stance" class="wp-block-heading"><strong>Challenging Gensler’s Crypto Stance</strong></h2> 
<p>Huber kicked off his criticism by challenging Gensler’s sweeping categorization of most <a href="https://twitter.com/Leerzeit/status/1688464278741737472" rel="noopener noreferrer nofollow">tokens as securities</a>. He pointed out that Gensler’s approach failed to consider the complexities and nuances of token offerings. Huber argues that this blanket classification not only oversimplifies matters but could potentially hinder the growth and diversity of the crypto industry.</p> 
<p>The crypto guru further amplified his stance by citing the frustrations of SEC commissioners such as Heister Peirce, who has publicly expressed her dissatisfaction with the SEC’s tendency to label tokens as securities.</p> 
<h2 id="calling-out-ethereum-founders" data-name="calling-out-ethereum-founders" class="wp-block-heading"><strong>Calling Out Ethereum Founders</strong></h2> 
<p>Adding more fuel to the fire, Huber launched a <a href="https://twitter.com/Leerzeit/status/1688426467464478720" rel="noopener noreferrer nofollow">direct attack</a> on Ethereum co-founder Vitalik Buterin and former executive Joseph Lubin in a separate tweet. He accused the duo, in conjunction with banking giant JPMorgan, of bribing the SEC to secure a monopoly for Ethereum. He further insinuated that they were now trying to accuse others of doing the same, hinting at potential hypocrisy.</p> 
<h2 id="bitcoin-maximalists-vs-ethereums-status" data-name="bitcoin-maximalists-vs-ethereums-status" class="wp-block-heading"><strong>Bitcoin Maximalists Vs Ethereum’s Status</strong></h2> 
<p>Huber also <a href="https://twitter.com/Leerzeit/status/1688482296901349376" rel="noopener noreferrer nofollow">addressed</a> Bitcoin maximalists, questioning their explanations regarding Ethereum’s “sufficiently decentralized” status as determined by the SEC. He highlighted how Ethereum was only declared as such two years after its Initial Coin Offering (ICO), despite persistent arguments about it being centralized.</p>

Decentralization Dilemma: Unveiling the SEC’s Bias towards Bitcoin and Ethereum

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