Bill Morgan Alleges SEC’s Favoritism towards Ethereum, Disregarding XRP
XRP Advocate Bill Morgan Accuses SEC of Unfair Treatment Towards Ethereum
Bill Morgan, a prominent lawyer representing XRP, has reignited corruption allegations against the United States Securities and Exchange Commission (SEC), claiming that the regulator is employing unjust methods to favor Ethereum over Ripple’s native token, XRP.
Morgan specifically criticized the “ETH Gate,” a term used to describe the SEC’s alleged corruption through biased regulatory practices. This accusation centers around the controversial actions of former SEC official William Hinman.
Morgan pointed out that the SEC initiated an investigation into Ripple when XRP was the third-largest cryptocurrency by market capitalization, coinciding with Hinman’s pro-Ethereum speech.
However, Morgan suggests that this is all merely a conspiracy concocted by the XRP community, accompanied by an amusing emoji.
Moreover, the Conservative Political Action Conference (CPAC) has filed official complaints against Hinman with the New York and California Bar Associations, citing unethical behavior and conflicts of interest. Andrew Langer, the director of CPAC, spearheaded the push for an investigation into Hinman’s actions, particularly his connections to law firm Simpson Thacher & Bartlett, which represented the Enterprise Ethereum Alliance.
In June 2018, Hinman delivered a speech suggesting that Ethereum should not be classified as a security, effectively exempting it from stringent regulatory oversight. Internal SEC emails revealed that Hinman had consulted with Ethereum creator Vitalik Buterin prior to the speech, further fueling allegations of bias and corruption.
The market reacted to these developments, with some cryptocurrency commentators and investors noting fluctuations in the prices of Bitcoin and Ethereum. The controversy surrounding these allegations continues to shake the crypto market as debates on regulatory fairness and transparency persist.
Overall, the accusations of favoritism towards Ethereum and the investigation into Hinman’s conduct shed light on broader issues of regulatory bias and ethical behavior within the SEC. The outcome of these investigations could have significant implications for the future of cryptocurrency regulation in the United States.
Tags: Ethereum, Ripple (XRP)