XRP Community Fumes Over Alleged SEC Favoritism

Many in the XRP community feel the US SEC is trying to influence the cryptocurrency market through manipulation. Crypto aficionados have recently taken to social media in droves, accusing the agency of having a bias towards Bitcoin and Ethereum.

The XRP community is up in arms over claims that the US SEC is showing favoritism towards Bitcoin and Ethereum, a move that XRP supporters deem deeply unfair and have sparked widespread criticism in the crypto world.

XRP Community Outraged by Alleged SEC Favoritism

According to Coingape, a surge of retail investors on social media brought attention to remarks made by William Hinman, the former director of the agency, regarding Ethereum. This has only served to escalate the already heated debate surrounding the cryptocurrency market.

A recent post by XRP supporters on social media has reignited the conversation around XRP by questioning the US SEC's neutrality towards Ethereum and Bitcoin. In a video posted on YouTube by a user named "Digital Asset Investor," Nancy Wojtas, a former lawyer for the SEC, highlighted the following points:

The community sees this remark as evidence of the SEC's double standards, which they allege allowed Ethereum to flourish while subjecting Ripple's native token and other digital assets to scrutiny. The user further alleges that the government agency deliberately left regulatory loopholes to benefit cryptocurrencies like Bitcoin and Ethereum.

They questioned why Vitalik Buterin, the creator of Ether, who recently admitted to selling ETH to fund other ventures, had not faced the same legal repercussions as Ripple. Buterin stated the following while discussing his recent ETH sales:

His actions, which the XRP community likened to a securities transaction, prompted them to question why the agency had not taken similar steps for Ethereum.

Frustration Mounts Over Ripple’s Legal Battle Outcome

The community expressed frustration as the four-year legal battle between Ripple and the US SEC concluded without any claims of fraud. Some argue that the agency's lenient approach towards Ethereum sharply contrasts with its harsh treatment of Ripple.

Digital Asset Investor also raised concerns about the agency's decision to halt its investigation into Ethereum's security status, pointing to a statement made by former director Hinman in 2018, where he declared that Ethereum does not qualify as a security. This decision and its implications on the cryptocurrency market have been a subject of extensive debate.

Pro-XRP Attorney Highlights SEC’s Partiality

Bill Morgan, a pro-XRP lawyer, recently shared Elon Musk's comments on industry regulators' monopolistic behavior, echoing this sentiment. According to Morgan, the agency's actions under Hinman and former Chair Jay Clayton exhibited clear partiality.

However, this year, the XRP community's concerns escalated, particularly following the agency's decision to drop its lawsuit challenging Ethereum's security status. This development comes just ahead of the approval of the first Spot Ethereum ETF in the US.

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