Ripple CTO David Schwartz Compares SEC\'s Handling of Ethereum to China\'s Past Management of Bitcoin-web3.0-php.cn

Ripple CTO David Schwartz Compares SEC\'s Handling of Ethereum to China\'s Past Management of Bitcoin

Jun 20, 2024 pm 09:06 PM

This comes after ConsenSys, the developer behind the MetaMask wallet, indicated that the SEC is likely to close its investigation into Ethereum.

Ripple CTO David Schwartz Compares SEC's Handling of Ethereum to China's Past Management of Bitcoin

Ripple's CTO Compares SEC's Handling of Ethereum to China's Past Bitcoin Manipulation

Ripple's Chief Technology Officer (CTO) David Schwartz has likened the SEC's handling of Ethereum to China's past manipulation of Bitcoin. This comparison arose after ConsenSys, the entity behind the MetaMask crypto wallet, shared its understanding that the SEC is expected to close its investigation into Ethereum.

However, skepticism was expressed by Neil Hartner, a software engineer at Ripple Payments, who suggested that the closure of the investigation may be more focused on public relations rather than achieving regulatory clarity.

In response to Hartner's comment, Schwartz drew a parallel between the SEC's actions and China's past behavior with Bitcoin. He highlighted that China used to alternately ban and unban Bitcoin, a strategy that many believe was intended to manipulate the market in favor of Chinese oligarchs.

By making this comparison, Schwartz seemed to suggest that the SEC's inconsistent regulatory approach could be viewed as similarly manipulative, favoring certain players within the cryptocurrency market.

This development sparked discussions within the XRP community, particularly among those who believe that Ethereum has received preferential treatment. Ripple's Chief Legal Officer, Stuart Alderoty, raised questions about whether this suggests that Ethereum transactions are not considered securities and what it might indicate for MetaMask and Ethereum staking.

As the debate continues, the crypto community is calling for clearer and more consistent regulations. Schwartz's comments underscore the need for a transparent and predictable regulatory framework in the rapidly evolving crypto market.

News source：https://www.kdj.com/cryptocurrencies-news/articles/ripple-cto-david-schwartz-compares-handling-ethereum-china-management-bitcoin.html

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