Charles Hoskinson Criticised for SEC’s ETH ‘Favouritism’ by Ripple CTO

Crypto Adoption Impediments

Ripple chief technology officer David Schwartz has responded to the Cardano founder’s speculation about potential motives behind the United States regulators’ ruling that Ether (ETH) is not a security.

During an AMA session on Oct. 8, Charles Hoskinson addressed the much-discussed ETHgate theory, which posits that Ethereum received preferential treatment from the U.S. Securities and Exchange Commission (SEC). Despite SEC director William Hinman’s declaration that Ether is not a security in 2018, U.S. regulators have yet to make a definitive determination regarding other cryptocurrencies, such as XRP (XRP), creating serious obstacles to their adoption.

Crypto Community Response to Hoskinson’s Remarks

Charles Hoskinson, the founder of Cardano, made some remarks regarding the regulatory status of Ethereum during an AMA in June 2023. He argued that while the speech drafts do not prove corruption, they do imply favoritism. Hoskinson further added that “this is how the internet works, and it can’t be fixed now.”

The crypto community, particularly XRP executives like chief technology Schwartz, quickly responded to Hoskinson’s statements. They specifically debated the definition of corruption and questioned the lack of evidence to back up Hoskinson’s claims. Hoskinson argued that XRP serves different customers, doesn’t have smart contracts, and has a different business model.

The crypto community’s reaction to Hoskinson’s ETHgate-related remarks further highlights the importance of crypto adoption, crypto business, and crypto government regulations. With the latest news on crypto now, it is essential to stay up to date on the breaking crypto Twitter news and the free crypto API. It is also important to consider the implications of AI technology and Charles Schwab’s crypto investing.

Crypto Business and Government Actor Favoritism

Charles Schwartz wrote on X (formerly Twitter) on Oct. 12 that a government actor showing favoritism aligned with their personal interests and those of their friends could be considered corruption.

One commenter on X stated that a more polite way of saying corruption was “favoritism.”

Additionally, some members of the crypto community speculated that Cardano CEO Charles Hoskinson’s questions about ETHgate evidence could be related to his involvement in Ethereum from 2013 to 2014. Hoskinson was one of the eight Ethereum co-founders alongside Vitalik Buterin and held the position of Ethereum’s CEO before leaving in 2014 to launch Cardano.