Mr. Huber, a well-known investigator in the realm of X, recently criticized Ethereum, the leading blockchain network, for its contradictory stance on the concept of “monopoly.” In a tweet, he highlighted Ethereum’s dismissal of the SEC’s alleged favoritism towards the network while pointing out the monopoly of the post-trade financial services company Depository Trust and Clearing Corporation (DTCC).
In a previous tweet, Mr. Huber shed light on Ripple’s explicit remarks regarding the Securities and Exchange Commission’s (SEC) biased approach. He sharply criticized the regulator for its inconsistency in applying the Howey test to cryptocurrencies, stating, “They are not addressing how the Ethereum wrongdoers were influencing the SEC, possibly because the monopoly for Ethereum might truly be nothing more than incomprehensible clumsiness.” In his latest tweet, Mr. Huber questions the Ethereum team’s dual position, stating,
“After the Ethereum team insisted that it is absurd to suggest that the SEC would attempt to establish a monopoly, I attempted to establish a new clearing network in the US. However, the same individuals informed me that this is impossible because the DTCC holds a monopoly?”
According to Ripple’s court filing, the platform highlighted the SEC’s lack of consistency in applying a well-settled legal test, claiming that the SEC failed to demonstrate uniformity in its norms. The alleged inconsistency stemmed from the SEC’s vague classification of digital assets.
Mr. Huber also criticized Ethereum co-founder Joseph Lubin, accusing him of promoting fraud. In a tweet dated November 19, Mr. Huber shared an audio clip, mistakenly tagging Vitalik Buterin instead of Lubin. The audio clip served as evidence of Lubin encouraging Ethereum users to create “multiple pseudonymous identities” to prevent public fear.