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Members of the XRP community react as Ethereum founder Buterin says he hopes for a favorable outcome for crypto entities in the SEC lawsuits.
Ethereum founder Vitalik Buterin recently expressed his dissatisfaction with the recent U.S. SEC crackdown on the crypto industry, noting that he hopes for a fair outcome in the regulator’s lawsuits. However, the XRP community has not received these comments favorably.
Recall that the SEC recently filed charges against Binance and Coinbase, the two largest crypto exchanges in the world. The agency alleged that both platforms facilitated trades in unregistered securities, among other charges.
To present a sound argument, the SEC listed several crypto assets it believes are “unregistered securities.” These assets include Cardano (ADA), Solana (SOL), Polygon (MATIC), and Algorand (ALGO).
Buterin Hopes for a Fair Outcome
When asked about his opinion on how the United States approaches crypto regulations, Buterin noted that he feels terrible that crypto projects such as Solana are caught up in the SEC’s crackdown.
The one comment I'll make is that I feel bad that @solana and other projects are getting hit in this way. They don't deserve it, and if ethereum ends up "winning" through all other blockchains getting kicked off exchanges, that's not an honorable way to win, and in the long term…
— vitalik.eth (@VitalikButerin) June 30, 2023
‘They don’t deserve it, and if ethereum ends up “winning” through all other blockchains getting kicked off exchanges, that’s not an honorable way to win, and in the long term probably isn’t even a victory,’ he added.
The Ethereum founder rightly emphasized that the real competition is not among blockchain protocols but between crypto and the traditional centralized finance scene trying to impose itself on the crypto industry.
In this case, if Ethereum gains substantial prominence by standing tall while other assets are booted off exchanges, it would not feel like an actual victory. “I wish all honorable projects a fair outcome in this whole situation,”Buterin concluded.
XRP Community Reacts
Despite his latest remarks seemingly suggesting support for affected crypto entities, the XRP community has not received them favorably. This unfavorable reception is mainly due to Buterin’s previous comments on the Ripple vs. SEC lawsuit.
Pseudonymous XRP community influencer Digital Asset Investor urged the community not to be fooled by the recent remarks from the Ethereum founder. The influencer asserted that it is now public knowledge that Buterin was aware of the plan to create a monopoly for Ethereum.
Don’t be fooled. Buterin knew the plan to try and create a monopoly for Ethereum. We have the receipts. https://t.co/vjdeI0Bd4V pic.twitter.com/O5cc9FxCr3
— Digital Asset Investor (@digitalassetbuy) June 30, 2023
Digital Asset Investor’s response was triggered by revelations made with the release of Hinman’s documents on June 13.
Notably, the documents suggest that former SEC Director Bill Hinman made plans to speak with Buterin on how the Ethereum Foundation works, as he aimed to center his speech on Ethereum and how the network has attained sufficient decentralization.
Another XRP community member referenced recent disclosures linking Buterin to the Chinese entity Wanxiang Holdings. Fox Journalist Eleanor Terrett uncovered ties between Buterin, Wanxiang Holdings, and Prometheum in a web of connections, The Crypto Basic reported last week.