Ripple CTO David Schwartz has made a comparison between the SEC’s handling of Ethereum and China’s past handling of Bitcoin. This comes after Consensys, the developer behind the MetaMask wallet, indicated that the SEC is likely to close its investigation into Ethereum.
Ripple CTO David Schwartz has made a comparison between the SEC’s handling of Ethereum and China’s past handling of Bitcoin. This comes after Consensys, the developer behind the MetaMask wallet, indicated that the SEC is likely to close its investigation into Ethereum.
Gamza KhanzadaevNeil Hartner, a software engineer at Ripple Payments, added a touch of skepticism, suggesting that the closure of the investigation could have more to do with public relations than regulatory clarity.
In response, Schwartz drew a parallel between the SEC’s actions and China’s past behavior with Bitcoin. He noted that China used to alternately ban and unban Bitcoin, a tactic widely believed to manipulate the market to the benefit of Chinese oligarchs.
In making this comparison, Schwartz suggested that the SEC’s inconsistent regulatory approach could be seen as equally manipulative, favoring certain players within the cryptocurrency market.
XRP vs ETH
Within the XRP community, this development has sparked discussion, especially among those who believe Ethereum has received preferential treatment. Ripple Chief Legal Officer Stuart Alderoty raised questions about whether this indicates that Ethereum transactions are not considered securities and what it means for MetaMask and Ethereum staking.
Alex DovbnyaAs the debate continues, the cryptocurrency community is demanding clearer and more consistent regulations. Schwartz’s comments emphasize the need for a transparent and predictable regulatory framework in the rapidly evolving crypto market.
