The Securities and Exchange Commission (SEC) is likely to close its investigation into Ethereum, according to a recent announcement from Consensys, the developer behind the MetaMask wallet.
The Securities and Exchange Commission (SEC) is likely to close its investigation into Ethereum, according to a recent announcement from Consensys, the developer behind the MetaMask wallet.
The company revealed that it sent a letter to the SEC in early June seeking confirmation that the May approval of an Ethereum spot ETF marked the end of the regulatory case against the leading altcoin.
Gamza Khanzadaev
The development has sparked mixed reactions in the cryptocurrency market. While Ethereum’s apparent regulatory clearance sparked a rally in cryptocurrency prices after a prolonged decline, the XRP community has reacted with frustration and skepticism.
Ethereum gets SEC nod, XRP fans see red
As you may recall, there has been a long-running “dispute” between XRP and ETH, centered on accusations that Ethereum received preferential treatment by the SEC, to the detriment of XRP and other cryptocurrencies, often referred to as “ETHGate.”
Bill Morgan, a prominent lawyer and XRP enthusiast, expressed his displeasure with the SEC’s preferential treatment of the leading altcoin. He noted that the recent decision marks Ethereum’s second “free pass” by the SEC, highlighting what he considers arbitrary and inconsistent regulatory practices.
The controversy surrounding Hinman’s speech, in which former SEC Director William Hinman claimed that Ethereum was not a security, is a key point of contention. Morgan believes this speech set a precedent that unfairly benefited ETH, while leaving Ripple, the company associated with XRP, open to legal challenges.
Tomiwabold OlajideOther XRP supporters echoed these sentiments, with some calling for legal action against the SEC and alleging that the Ethereum community used financial influence to secure favorable regulatory outcomes.
