Community Calls for Delisting of ETH Amid Regulatory Concerns

The digital asset community on social media platform X was buzzing with some crypto enthusiasts calling for the delisting of Ethereum (ETH) from major exchanges like Binance.US, Crypto.com, Bittrex, and Bitstamp.

After the United States Securities and Exchange Commission (SEC) sued Ripple over XRP offerings in 2020, multiple exchanges delisted the digital asset to comply with the regulators wishes. Meanwhile, Ripple has been continuously pushing back, securing a partial victory in 2023.

As pointed out in an X post by “Digital Asset Investor,” Binance US, Crypto.com, Bittrex, B2C2, OKCoin, Genesis, Coinbase, Swipe Wallet, Ziglu, and Bitstamp delisted XRP in 2020 after the SECs lawsuit. In the same post, they asked these exchanges regarding the delisting of ETH since the SEC considers it a security.

Crypto enthusiasts called out these exchanges for “double standards,” adding that these platforms are showing their “true colors now.” An X user stated:

“Their intention is to create a state of uncertainty in the situation and conceal their collaboration by pretending to be against each other.”

It is important to note that SEC Chair Gary Gensler has stated multiple times in the past that Bitcoin is a commodity while Ethereum is a security, as per US securities laws and the Howey test.

On the other hand, Consensys, a major backer of the Ethereum blockchain, filed a lawsuit against the SEC in Texas federal court on Thursday to resolve the long-standing dispute, emphasizing that ETH is not a security. Consensys stated that the SECs “unlawful seizure of authority over ETH would spell disaster for the Ethereum network,” as per a Bloomberg report.