SEC Halts Ethereum Lawsuit, XRP Community Outraged
  • The XRP community has criticized the SEC for giving it unequal treatment compared to Ethereum.
  • The SEC’s halt to the Ethereum lawsuit sparks debate about the fairness of cryptocurrency regulation.

The U.S. Securities and Exchange Commission (SEC) has decided to put on hold a lawsuit challenging Ethereum’s security status shortly before approving a spot Ethereum ETF. The SEC is also wrapping up its investigation into Ethereum 2.0, as previously reported by ETHNews.

The XRP community, which has openly criticized the SEC’s biased approach, is not happy with the outcome, even as the Ethereum community praises it.

XRP Community Accuses SEC of Bias

Bill Morgan, a prominent member of the XRP community, said: publicly He accused the US SEC of treating Ethereum and Ripple differently.

Morgan noted that the SEC granted Ethereum a second round of approval nearly six years after Hinman’s speech, clarifying that the cryptocurrency is not a security. He argued that the different treatment of ETH and XRP highlights the SEC’s mercurial stance on cryptocurrency law.

Some community members have questioned why the SEC needed to issue a letter to ConsenSys if Ethereum is truly decentralized. Morgan said decentralization is a myth and no one has revealed how they determine whether a token is a security or a commodity.

Market Data and Ripple Payments Controversy

Meanwhile, according to data from CoinMarketCap, XRP is currently worth around $0.4892Down 2.29% It has risen since the previous day. 1.35% It has increased over the past seven days.

As previously reported by ETHNews, the SEC called for tougher sanctions after rejecting Ripple’s proposed $10 million settlement, arguing that comparing it to the $4.47 billion settlement with TerraForm Labs was deceptive and inappropriate for determining the fine.

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