SEC’s Attempt to Build Monopoly for Ethereum Still in Question

Mr. Huber, a renowned sleuth on X, recently lambasted the leading blockchain network Ethereum’s contrasting comments on the concept of “monopoly”. According to his tweet, while Ethereum refuted the SEC’s alleged preference for the network, they highlighted the post-trade financial services company Depository Trust and Clearing Corporation’s (DTCC) monopoly.

WTF! After the Ethereum people taught me that it is completely absurd to claim that the SEC could ever try to build a monopoly for something. I tried to found a new clearing network in the US. But then the same people told me that this is impossible because the DTCC has a…

— Mr. Huber🔥🦅🔥 (@Leerzeit) November 24, 2023

In a previous tweet, Mr. Huber shed light on Ripple’s unequivocal comment on the Securities and Exchange Commission’s (SEC) biased approach. Sharply criticizing the regulator’s disparity in applying the Howey test to cryptocurrencies, he cited, “They are not talking about how the Ethereum crooks were bribing the SEC, because maybe the monopoly for Ethereum really is just inconceivable clumsiness.” Through his latest tweet, Mr. Huber questions the Ethereum team’s double stance, stating,

After the Ethereum people taught me that it is completely absurd to claim that the SEC could ever try to build a monopoly for something. I tried to found a new clearing network in the US. But then the same people told me that this is impossible because the DTCC has a monopoly?!

As per Ripple’s court filing in question, the platform pointed out that though the SEC began the legal tussle by asserting that it “involved merely a straightforward application of a well-settled legal test,” the regulators failed to show consistency in their norms. Allegedly, the SEC’s inconsistency arose from their vague classification of digital assets.

Mr. Huber has also criticized Ethereum co-founder Joseph Lubin for allegedly encouraging fraud. In a tweet dated November 19, Mr. Huber shared an audio clip, mistakenly tagging Vitalik Buterin instead of Lubin. The audio served as evidence for Lubin encouraging Ethereum users to create “multiple pseudonymous identities” to avoid making the public scared.

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