- The former SEC head William Hinman’s law firm received approximately $1.6 million from the Enterprise Ethereum Alliance.
- The SEC vs Ripple lawsuit has attracted twelve crypto companies that have joined the case via formal amicus briefs.
The rivalry between the Ethereum (ETH) network and Ripple (XRP) community has been deconstructed by Cardano founder Charles Hoskinson. Through a Twitter chat over the weekend, Hoskinson noted that it is only a conspiracy theory to assume that Ethereum controls the SEC against Ripple and XRP.
The Ripple team has previously complained about SEC classifying XRP as security while allowing Bitcoin and Ethereum to operate as digital assets. As such, the rift between Ethereum and XRP communities has widened despite the common mission of cryptocurrency adoption.
“Ripple failed when they tried to throw us under the bus …. It looks like the Ripple/XRP team is sinking to new levels of strangeness. They’re claiming that their shitcoin should not be called a security for *public policy reasons*, namely because Bitcoin and Ethereum are “Chinese-controlled”,” Buterin said.
Nonetheless, Cardano’s founder thinks Ripple’s predicaments are self-inflicted and should not be weighed on the Ethereum network.
It is a conspiracy theory to say that the SEC was bribed to go after ripple and the entire SEC is controlled by ethereum. It never happened
— Charles Hoskinson (@IOHK_Charles) December 10, 2022
Notably, a former SEC head, William Hinman’s law firm, received approximately $1.6 million from the Enterprise Ethereum Alliance. As such, the Ripple and XRP community is highly convinced that the ETH network is up to no good for them.
The Cardano (ADA) chief is of the narrative that the SEC could have finally caught up with Ripple and its XRP programmatic monthly sales. Moreover, Ripple has been incentivizing crypto projects building on top of the XRPL and its RippleNet payment solution.
Will SEC win Ripple battle?
The United States financial regulatory agencies – including the Federal Reserve Board (FRB), the Office of the Comptroller of the Currency (OCC), the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC) – have been alerted by the FTX and Alameda’s implosion. As such, the SEC vs Ripple case is expected to enter a muddying phase as regulators weigh in.
The SEC vs Ripple lawsuit has attracted twelve crypto companies who have joined the case via formal amici briefs. Some market strategists are convinced the SEC will win the case against Ripple based on the two-year presentation.
As Gary Gensler continues to argue that Ripple raised more than $1.3 billion through an unregistered token offering, a key lawyer thinks otherwise. According to Stuart Alderoty, chief legal officer at Ripple Labs, the SEC is enforcing financial laws that are non-existent.
“They want to exert power that the law doesn’t otherwise give them,” Alderoty said in an interview in Washington prior to FTX’s bankruptcy.
Notably, the cross-border payment company has spent approximately $810,000 through the first three quarters of this year on lobbyists, including those from Michael Best & Friedrich and Williams & Jensen, according to Senate disclosures.
As such, the final ruling on XRP is much more complicated than previously anticipated.
IS RIPPLE GOING TO LOSE BECAUSE @LBRYcom LOST?
I predicted if LBRY lost 2 things would happen: 1) the SEC would rush the decision to Judge Torres acting as if the Supreme Court ruled; and 2) people would come out of the shadows and claim Ripple & XRP will share the same fate.
— John E Deaton (@JohnEDeaton1) December 11, 2022
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