XRP Attorney Contests SEC’s Categorization of Cryptocurrencies: Ethereum versus Solana and Cardano

Renowned XRP lawyer, Meta Law Man, expressed his frustration with the SEC’s classification of cryptocurrencies, particularly in light of the recent declaration that Ethereum (ETH) is a commodity. This decision has created a dilemma for the SEC when it comes to other cryptocurrencies like Solana (SOL) and Cardano (ADA), which the regulator considers to be securities.

Meta Law Man criticized the SEC for claiming in court that cryptocurrencies operating within an “ecosystem” are securities. He questioned how Ethereum, with its extensive ecosystem, could be deemed a commodity while others are not. This issue was brought to light in the SEC’s ongoing lawsuit against Coinbase, where the ecosystem argument was raised.

Coinbase is expected to file a Reply Brief and may request a rehearing on its motion to dismiss based on the SEC’s acknowledgment that Ethereum is a commodity. This has significant implications for the regulatory landscape and other crypto-related cases. Meta Law Man emphasized that the SEC will struggle to justify why tokens like SOL and ADA are considered securities while ETH is not.

Lawyer Marc suggested that the SEC may argue that there were undisclosed reasons for classifying Ethereum as a commodity, citing the confidentiality of the investigation. However, Meta Law Man insisted that the SEC’s reasoning must be made public, considering the similarities between ETH and other tokens.

The need for regulatory clarity regarding the Ethereum issue has been widely discussed. This clarity is crucial not only for ongoing legal battles but also for future regulatory decisions. As a result, the crypto community will closely monitor the outcome of this event, as it could set significant precedents.

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Altcoins
Ethereum
Ripple (XRP)