Cardano Founder Charles Hoskinson Comments on XRP Lawsuit, Calls It ‘Regulation Through Enforcement’

Bitcoinethereumnews 2 weeks ago Report
Telegram LinkedIn

Cardano (ADA) founder Charles Hoskinson doesn’t think highly of the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple.

The SEC sued Ripple in late 2020, alleging the payments firm sold XRP as an unregistered security.

In a new interview with BitBoy Crypto, Hoskinson says regulators shouldn’t operate on a case-by-case basis, which he says makes everybody “live in fear.”

“It’s just an example of what happens when you do regulation through enforcement instead of legislation… You should have clear, understandable standards. And there should be a clear process for people to adhere and comply with those standards. For example, with the Ethereum crowd sale in Switzerland, we just asked the Swiss government, and after a few weeks of haggling, they told us what to do, and we had a thing, and it was over. 

The SEC tends not to issue no-action letters in a meaningful way for the industry. So there’s no real good means of interfacing and integrating, and in the absence of that, people have different opinions, and there are winners and losers, and sometimes people get away with crazy stuff.”

According to Hoskinson, the SEC’s current approach is not conducive to the growth of the industry in the country as it forces crypto-native firms to move elsewhere.

“I think it creates perverse incentives inside the marketplace and ultimately, regulatory arbitrage, because basically those jobs go to Singapore, and they go elsewhere. So I don’t like the destruction of American jobs, the inconsistent clarity, the changing administrations having a big influence on the change of policy. There should be universal standards and there should be universal definitions, and hopefully, this case resolves in a way that’s good for the industry, but it’s just an indication of what happens in the absence of good leadership.”

I

&nbsp

Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Liu zishan

Source: https://dailyhodl.com/2022/06/21/cardano-founder-charles-hoskinson-comments-on-xrp-lawsuit-calls-it-regulation-through-enforcement/

Original Source: https://bitcoinethereumnews.com/economy/cardano-founder-charles-hoskinson-comments-on...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.

Join Our Weekly Newsletter of Cardano

Your weekly dose of Cardano news straight to your inbox!
GADA Finance is launching its Initial Stake Pool Offering (ISPO) Starting on June 29, 2022
Being the first permissionless and community-governed launchpad on Cardano, we intend to raise funds through a public ISPO which will enhance the Cardano ecosystem. CLICK HERE!
READ THE ORIGINAL ARTICLE ON >> Bitcoinethereumnews