Cardano’s Hoskinson says SEC actions debunk Ripple lawsuit conspiracy theory Cardano’s Hoskinson says SEC actions debunk Ripple lawsuit conspiracy theory
XRP supporters have claimed that former SEC Director William Hinman's speech about Ethereum was proof it had the support of the regulator.
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Updated: Jul. 13, 2023 at 1:07 pm UTC
Web Summit / CC BY 2.0 / Wikimedia. Remixed by CryptoSlate
Cardano (ADA) founder Charles Hoskinson believes the recent anti-crypto moves by the U.S. Securities and Exchange Commission (SEC) take away the legitimacy of the conspiracy theories being propagated regarding the legal tussle between the regulator and Ripple.
In a May 8 tweet, Hoskinson noted that the theory popularized by XRP holders that the SEC was antagonizing XRP because of Ethereum insider bribes was “conspiracy,” adding that recent regulatory actions against the crypto industry were proof of this being an “accurate” assessment.
“I said the concept that the entire SEC is united against ripple by bribes from ethereum insiders is a conspiracy. Given that now Coinbase, Kraken, Bittrex, Tron, and dozens of others have been hit, it seems more accurate then ever”
While the SEC v Ripple case is still ongoing, SEC chair Gary Gensler has described all digital assets except Bitcoin (BTC) as securities and highlighted the noncompliance of crypto companies.
XRP supporters allege Ethereum got free pass from SEC
XRP supporters have consistently claimed that former SEC Director William Hinman’s speech about Ethereum (ETH) was proof it had the support of the Commission.
According to them, the speech helped ETH gain widespread acceptance and increase in value. However, other cryptocurrencies — including XRP — struggled with a lack of regulatory clarity.
A pro-XRP individual, Mr. Huber, said it was ridiculous for anyone to consider Hinman’s speech pure coincidence. He added:
“Anyone who claims that this scandal is just an absurd conspiracy must believe Hinman’s policy and Clayton’s backing was a mere happenstance. “
Meanwhile, the SEC claims that Hinman’s speech was a personal opinion was soundly rejected by the XRP community, who allege that Ethereum insiders paid him.
Hoskinson has continually criticized this view, saying Ripple should build its case on merit rather than accusing the regulator of favoritism.
In December 2022, the Cardano founder described the XRP community as toxic and petty, saying he had never “encountered a community so willing to viciously attack a person who has not attacked them.”
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In this article
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Cardano
$0.94935
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
XRP
$2.30196
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Charles Hoskinson, based in Colorado, stands out as a prominent figure in the blockchain and cryptocurrency sphere.