Cardano’s Hoskinson says SEC actions debunk Ripple lawsuit conspiracy theory

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.”