Ripple's Chief Technology Officer David Schwartz has drawn a comparison between the SEC's handling of Ethereum and China's past management of Bitcoin. This comes after Consensys, the developer behind the MetaMask wallet, indicated that the SEC is likely to close its investigation into Ethereum.
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Neil Hartner, a software engineer at Ripple Payments, added a touch of skepticism, suggesting that the closure of the investigation might be more about public relations than regulatory clarity.
Remember when China used to alternately ban and unban bitcoin just to manipulate the market for their oligarchs?
— David "JoelKatz" Schwartz (@JoelKatz) June 19, 2024
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 for the benefit of Chinese oligarchs.
By making this comparison, Schwartz suggested that the SEC's inconsistent regulatory approach could be seen as similarly manipulative, favoring certain players within the cryptocurrency market.
XRP vs. ETH
Within the XRP community, this development has sparked a discussion, especially among those who believe that Ethereum has received preferential treatment. Ripple's 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.
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As the debate continues, the cryptocurrency community is calling for clearer and more consistent regulations. Schwartz's comments emphasize the need for a transparent and predictable regulatory framework in the rapidly evolving crypto market.