In a recent Ask Me Anything (AMA) session, Charles Hoskinson, the founder of Cardano, addressed the ongoing hostility between himself and members of the XRP community. Hoskinson’s comments come amidst legal scrutiny involving Ripple, the company behind XRP, and allegations against Ethereum officials. The Cardano leader criticized XRP community members for perpetuating what he describes as a campaign of misinformation, particularly concerning the conspiracy theory dubbed “ETHGate.”
ETHGate refers to allegations that Ethereum insiders had improperly influenced the U.S. Securities and Exchange Commission (SEC) to declare Ethereum a non-security, while simultaneously targeting Ripple for its sales of XRP. Charles Hoskinson rebuked these claims, emphasizing the lack of evidence to support the notion that Ethereum officials bribed the SEC. He also called out Ripple executives, including Brad Garlinghouse and David Schwartz, for not publicly refuting the conspiracy theory.
The ongoing SEC v. Ripple litigation and ADA’s status
The discourse around ETHGate and the SEC’s actions against Ripple has intensified as the SEC v. Ripple lawsuit nears its conclusion. Charles Hoskinson pointed out that while he acknowledges the existence of ETHGate as a theory, he believes it has no bearing on the SEC’s case against Ripple. Furthermore, he labeled the idea that the SEC was bribed to favor Ethereum over XRP as baseless, urging those who believe in such theories to present concrete evidence.
This controversy unfolds as the SEC has recently labeled Cardano’s native token, ADA, as an unregistered security in its legal actions against major cryptocurrency exchanges such as Binance, Coinbase, and Kraken. These developments have led to speculation within the cryptocurrency community that the SEC might be preparing to take similar legal action against Cardano for allegedly offering ADA as an unregistered security.
The rift between Cardano and XRP communities
Hoskinson’s remarks underscore a deep-seated rift between the Cardano and XRP communities, with the Cardano founder asserting that attempts at reconciliation have been unsuccessful. According to Charles Hoskinson, the XRP community’s reluctance to disavow the conspiracy theories and acknowledge the factual discrepancies in their arguments against Ethereum and the SEC has hindered any progress toward resolving the hostility.
As the legal landscape for cryptocurrencies in the United States continues to evolve, the tension between blockchain project supporters highlights the industry’s broader challenges. Regulatory scrutiny and internal community conflicts pose significant obstacles to the growth and acceptance of digital assets.
Charles Hoskinson’s recent statements reflect ongoing tensions within the cryptocurrency community, exacerbated by legal challenges and divisive conspiracy theories. As the industry navigates these turbulent waters, the need for clarity from regulators and unity among blockchain proponents has never been more critical.
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