Is There SEC Bias Ethereum 20 Investigation Closed But Ripple Still in Question
Ethereum 2.0 Investigation Closed by SEC, Ethereum Price Rises
The SEC has officially closed its investigation into Ethereum 2.0, confirming that ETH is not considered a security by the agency. This is a major win for Ethereum and its community, but it has also sparked criticism from the XRP community, who believe that the SEC has treated Ethereum unfairly.
Consensys, a key player in the Ethereum ecosystem, made the announcement about the SEC’s decision. They had previously sent a letter to the SEC in June, seeking confirmation that the approval of the ETH ETF in May, based on ether being a commodity, would lead to the closure of the Ethereum 2.0 investigation.
While Ethereum supporters are celebrating this news, the XRP community is voicing its dissatisfaction with the SEC’s treatment of Ripple’s XRP. They argue that Ethereum has received leniency while Ripple has faced more scrutiny and legal challenges.
Earlier this year, Consensys took proactive legal action against the SEC by filing a lawsuit to protect Ethereum’s status as a commodity. They argued that Ethereum’s classification should exempt it from SEC oversight, echoing arguments made since the SEC’s 2018 Hinman speech.
Prominent figures in the crypto community, such as Bill Morgan and analyst @digitalassetby, have criticized the SEC for its inconsistent regulatory treatment, highlighting the financial burden on Ripple compared to Ethereum’s smoother regulatory journey.
Following the SEC’s decision, speculation about an ETH ETF approval has increased, which is viewed positively for Ethereum’s acceptance and market growth. In fact, Ethereum’s price rose by 2.78% after the news, and a significant investor bought 5,603 ETH worth $19.7 million, signaling confidence in Ethereum’s regulatory clarity and market potential.
The closure of the SEC’s investigation into Ethereum marks a significant milestone for the cryptocurrency. While Ethereum supporters celebrate, debates over fair and consistent crypto regulations continue within the industry and beyond. The outcome of Ripple’s case is also being closely watched to see if the SEC’s decision on Ethereum will influence it.