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Highlights
- VanEck accuses SEC of biased approach in ETF approval.
- Bill Morgan questions VanEck's silence on SEC favouritism in the XRP lawsuit.
- Morgan highlights the inconsistency in their actions.
XRP Lawsuit: Bill Morgan Accuses VanEck of Double Standard on SEC Bias
In a recent move, asset managers like VanEck, Canary Capital, and 21Shares signed a joint letter addressed to SEC Chair Paul Atkins. As CoinGape reported, the letter intended to bring the commission’s attention to the “first-to-file, first-to-approve” standard for crypto ETFs. Urging the regulators to help bolster innovation and fairness in the market, VanEck wrote in an X post, “SEC favoritism undermines innovation in the ETF market.”
However, not everyone is convinced by the asset managers’ stance. XRP lawyer Bill Morgan questioned VanEck’s motives via an X post, pointing out their previous silence in the Ripple lawsuit. He alleges that VanEck and other asset managers did not speak out when the SEC classified XRP as a security and Ethereum as a non-security. His post read, “Don’t recall you complaining about SEC favoritism when Ripple was sued over XRP sales and Ethereum received a free pass.”
SEC’s Alleged Favouritism in Ripple Case
When the agency sued Ripple in 2020 for allegedly selling an ‘unregistered security,’ Ethereum seemingly received a free pass, being classified as a non-security instead. This has raised concerns among community members, who questioned the SEC’s allegedly biased approach. Furthermore, allegations of conflicts of interest within the SEC have also come under scrutiny.
In a 2018 controversial speech, William Hinman stated, “Based on my understanding of the present state of Ether, the Ethereum network, and its decentralized structure, current offers and sales of Ether are not securities transactions.” Later, when the SEC publicized the Hinman report, the community remained disappointed with its credibility. Experts like John Deaton cited concerns over the report’s objectivity, consistency, and transparency, which further fueled skepticism about the SEC’s handling of crypto regulations.
As per Bill Morgan’s latest allegations, VanEck and other investment giants remained silent during the prolonged legal battle between Ripple and the SEC. He highlights the inconsistency in their action; the recent letter starkly contrasts with their apparent inaction during Ripple’s legal ordeal.
Morgan’s accusations come amid increasing anticipation of the Ripple vs SEC case settlement. While the SEC’s 60-day deadline to report to the Appeals Court ends on June 16, the community eagerly watches for key developments.
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