Ripple CTO David Schwartz has slammed the SEC for showing favoritism towards Ethereum and its co-founders, calling it corruption. He was responding to Cardano founder Charles Hoskinson, who had defended the SEC’s decision to clear Ethereum from being a security.
Schwartz argued that the SEC’s actions were not just favoritism, but corruption, as they aligned with the personal interests of themselves and their friends. He said that the SEC had targeted other tokens, such as XRP, unfairly and inconsistently.
XRP is the native token of Ripple, a blockchain company that provides cross-border payment solutions. The SEC has sued Ripple and its executives for allegedly selling XRP as an unregistered security. The lawsuit has caused XRP price to plummet and many exchanges to delist it.
However, Ripple and its supporters have not given up on fighting the SEC. They have accused the SEC of having a conflict of interest and a hidden agenda in favoring Ethereum. They have also pointed out the inconsistencies and contradictions in the SEC’s arguments and evidence.
One of the most vocal supporters of Ripple is John Deaton, a lawyer who has filed a class-action lawsuit against the SEC on behalf of XRP holders. Deaton has also criticized the US House Financial Services Committee (FSC) for being ineffective in its oversight of the SEC Chair Gary Gensler.
Deaton said that Gensler had misled the FSC about his views on crypto regulation and had ignored their requests for clarity and guidance. He said that Gensler had acted as a “dictator” and had violated the due process rights of XRP holders.
Meanwhile, XRP price has been struggling to recover from the bearish pressure. It is currently trading at $0.48, close to invalidating the critical support line of $0.47. If it falls below this level, it will erase all the gains it made in the second half of September.
However, if it bounces off this level and reclaims the $0.50 resistance line, it could initiate a recovery. It will need to break above the 50-day and 200-day Exponential Moving Average (EMA) confluence at $0.52 to invalidate the bearish thesis and aim for $0.54.