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A debate has sparked between the executives of two of the most well-known altcoins in the cryptocurrency market, Ripple and Cardano. Ripple’s Chief Technology Officer, David Schwartz, opposed Cardano founder Charles Hoskinson’s comments on the possible reasons behind the US regulators’ decision that Ethereum is not a security. This debate once again highlights the problems in legal regulations.
Noteworthy Statements by the Cardano Founder
On October 8th, Cardano founder Charles Hoskinson, who participated in an AMA session, referred to the controversial “ETHgate” theory and stated that the actions of the US government are not related to corruption. ETHgate is a conspiracy theory claiming that Ethereum receives preferential treatment from the US Securities and Exchange Commission (SEC). The event that strengthened this theory is SEC’s stance for years that ETH is not a security.
Despite SEC Director William Hinman defining Ethereum as a security in 2018, SEC officials are struggling to determine the status of many crypto assets, including XRP, which poses a serious obstacle to the adoption of crypto assets.
According to Hoskinson’s thoughts, Hinman’s draft speeches on Ethereum’s status published in June 2023 prove favoritism, not corruption. In the meeting he attended, Hoskinson stated:
“None of these activities assume corruption; they only assume favoritism. That’s how the internet works, and now it can’t be fixed.”
Schwartz’s Response to Hoskinson Was Immediate
Continuing the meeting, Hoskinson argued that XRP serves different customers, does not even have smart contracts, and has a completely different business model, stating:
“Doesn’t this contradict your goal of removing Ethereum from being a security? Are you really that afraid of XRP? Do you truly believe in this? If you do, then you’re the only crazy person in my book.”
Hoskinson’s new statements regarding ETHgate caused a reaction from the XRP community, especially from executives like Ripple’s Chief Technology Officer, Schwartz. Prominent figures in the community clashed with Hoskinson regarding the definition of corruption. On October 12th, Schwartz made the following comment:
“I claim that it is corruption for a government actor to show favoritism towards themselves and their friends for personal gain.”
