Was The SEC In Bed With Ethereum? ETH Gate Explained
Conspiracy theory or one of the biggest scandals? The term "Ethereum (ETH) Gate" has been on the lips of XRP supporters in recent months....
- "ETH Gate" refers to a theory alleging that the Ethereum Foundation and ConsenSys have close relationships with key individuals within the SEC and other entities, ensuring a favorable regulatory environment for Ethereum.
- The theory is based on the Hinman emails, where Bill Hinman, who declared Ethereum as not a security, interacted with Ethereum's co-founder, Vitalik Buterin.
- Speculations by the XRP community suggest deeper interlinked relationships and conflicts of interest.
- Allegations include Joseph Lubin's strategic hire of Patrick Berarducci from Sullivan & Cromwell, the email exchange between Hinman and Lubin, Jay Clayton's move to One River Digital Asset Management, and the association between Simpson Thacher, Ethereum Enterprise Alliance, and Hinman.
The article presents a conspiracy theory surrounding the classification of Ethereum as a non-security by the SEC. The sentiment is negative, as it suggests potential conflicts of interest and favoritism towards Ethereum.