Was The SEC In Bed With Ethereum? ETH Gate Explained
2023年9月18日 - 8:00PM
NEWSBTC
Conspiracy theory or one of the biggest scandals in crypto? The
term “ETH Gate” has been on the lips of every XRP supporter in
recent months and, increasingly, the broader cryptocurrency
community. At the heart of this issue is the US Securities and
Exchange Commission’s (SEC) decision to classify Ethereum (ETH) as
a non-security, contrasting sharply with its ongoing legal action
against Ripple and the XRP token. What is ETH Gate “ETH Gate”
refers to a theory alleging that the Ethereum Foundation and
ConsenSys have fostered close relationships with key individuals
within the US Securities and Exchange Commission (SEC) and other
entities like JP Morgan, thereby ensuring a favorable regulatory
environment for Ethereum. One cornerstone of this theory are the
Hinman emails which were released earlier this year. In these
emails, Hinman, who made the landmark speech in 2018 declaring that
Ethereum was not a security, interacted with Ethereum’s co-founder,
Vitalik Buterin right before the speech. Hinman reportedly
consulted Buterin to “understand the operational dynamics of
Ethereum.” Related Reading: Ethereum Merge Is One: Here Are The
Highlights So Far Remarkably, Bill Hinman rejoined the law firm
Simpson Thacher in 2020 after leaving the SEC. The significance?
Simpson Thacher is associated with the Ethereum Enterprise
Alliance. Therefore, the XRP army believes that Hinman’s decision
to deliver a speech giving Ethereum a regulatory “free pass” may
not have been impartial. Speculations By XRP Army John E Deaton, an
outspoken figure in the XRP community and a keen observer of the
SEC’s dealings, has painstakingly put forth allegations suggesting
a deeper web of interlinked relationships that hint at possible
conflicts of interest. (There are so many that it is not even
possible to highlight them all in one article.) His assertions have
become pivotal in the “ETH Gate” theory, and here we’ll delve
deeper into these connections. 1. Joseph Lubin’s Strategic Moves:
Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, is
at the core of Deaton’s claims. According to Deaton, within just
two months of Jay Clayton’s appointment as the SEC Chairman, Lubin
made a potentially strategic hire, bringing on board Patrick
Berarducci from the law firm Sullivan & Cromwell. This move is
seen by Deaton and many in the XRP community as more than
coincidental. Deaton has drawn attention to this connection in the
past, positing that it might have provided Ethereum an inside track
or at least a more favorable disposition from the SEC. Sullivan
& Cromwell is also notable because Jay Clayton himself was a
partner there before his stint as the SEC Chairman. 2. The
Hinman-Lubin Email Exchange: Deaton frequently refers to the
now-infamous email exchange between Bill Hinman and Joseph Lubin.
For Deaton, this correspondence underscores a problematic level of
proximity between a regulatory figure and a significant player in
the crypto sphere. The fact that Hinman reportedly emailed Lubin
directly is seen by Deaton as a potential sign of collaboration or
at least a peculiar level of familiarity. More so, given Hinman’s
subsequent public remarks about Ethereum being a non-security,
despite warnings against such pronouncements from the SEC’s Office
of General Counsel. 3. Jay Clayton and One River Digital Asset
Management: After his tenure at the SEC, Jay Clayton joined One
River Digital Asset Management. Deaton emphasizes this move as a
point of contention. One River is known for its large holdings of
Bitcoin and Ethereum. Deaton hints at a potential conflict of
interest, questioning if Clayton’s decisions during his time at the
SEC may have been influenced by future career prospects or
associations that favored Ethereum. 4. Simpson Thacher, Ethereum
Enterprise Alliance, and Hinman: One of the most significant points
of contention brought forth by Deaton involves Bill Hinman’s
associations with the law firm Simpson Thacher. This firm played a
role in the Ethereum Enterprise Alliance. Deaton suggests that
Hinman’s connection to Simpson Thacher and, by extension, the
Ethereum Enterprise Alliance, could have influenced his decision to
publicly declare Ethereum a non-security. Related Reading: Bitcoin
Dominates Ethereum In Daily Active Addresses Despite Lagging In TX
Count Similarly, an XRP community member known as Mr. Huber has
been extremely vocal and is raising compelling questions: “ETH Gate
is a conspiracy theory that the SEC tried to create a monopoly for
Ethereum?” He goes on to argue that this is a concerted attempt by
powerful Wall Street banks like JPMorgan to “control the global
crypto market by bribing the SEC to gain a monopoly for Ethereum.”
Latest News On ETH Gate Yesterday, John E Deaton indicated that
new, potentially damning, information about ETH Gate might soon be
disclosed. “I’ve always said that one day we will get the full
truth. Today is one day closer,” Deaton tweeted in response to
Steven Nerayoff’s lawyer, Michael Scotto, who indicated that
Nerayoff is prepared to make his facts known “at a time and manner
that serves the interests of justice and the people.” Steven
Nerayoff, an early adviser to Ethereum, had extortion charges
against him dismissed in May this year. Deaton speculates that
Nerayoff could be a significant source of insider information,
possibly related to Ethereum’s regulatory free pass. “I have the
map,” was Nerayoff unequivocal response to Deaton’s speculative
tweets about the matter, as Bitcoinist reported today. The “ETH
Gate” controversy calls into question the impartiality of the SEC
in its treatment of different cryptocurrencies. Although
allegations remain unproven, the gathered evidence paints a picture
of inconsistent regulatory approaches and potential conflicts of
interest. Whether these allegations hold any water remains to be
seen, but they have certainly fueled a sense of urgency and
scrutiny around the SEC’s policies. If the hints dropped by Steven
Nerayoff and John E Deaton materialize into something substantive,
ETH Gate could become a pivotal chapter in the annals of
cryptocurrency regulation. At press time, ETH traded at $1,635.
Featured image from Blockchain Association & Commerce Society,
chart from TradingView.com
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