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02/21/2024

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Cardano Founder Hoskinson Thinks ETHGate Is Real

Cardano founder Charles Hoskinson thinks there is a likelihood that the ETHGate scandal is real. During a recent Ask Me Anything (AMA) session, Cardano founder Charles Hoskinson suggested that ETHGate could...

Cardano Founder Hoskinson Thinks ETHGate Is Real

Cardano founder Charles Hoskinson thinks there is a likelihood that the ETHGate scandal is real.  

During a recent Ask Me Anything (AMA) session, Cardano founder Charles Hoskinson suggested that ETHGate could be real. 

“I never once said that ETHGate didn’t happen,” he remarked. 

Hoskinson stated that it is possible that someone from Ethereum might have bribed certain officials at the SEC to give ETH a pass.

Per Hoskinson, establishing relationships with top regulators to get favorable regulations is not a new practice. He mentioned that most entities outside the crypto space also engage in such acts. 

While there is a chance that ETHGate is real, Hoskinson noted that the theory has no relevance to Ripple’s ongoing lawsuit with the SEC. 

ETHGate Scandal 

For context, ETHGate has been a major topic of discussion for years. The theory involves allegations suggesting that certain members of the Ethereum core team established relationships with notable figures at the SEC to give ETH a regulatory edge over other crypto assets. 

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Pioneers of these theories believe that this relationship prompted former director of SEC’s Corporation of Finance William Hinman to declare ETH as a non-security during his infamous speech in June 2018. 

Notably, Hoskinson has previously highlighted the possibility of someone from Ethereum bribing the SEC to give ETH a free pass. 

However, he denied having direct knowledge about the incident since he left Ethereum during its early days to establish Cardano. 

Hostilities Between Hoskinson and XRP Community Lingers 

Meanwhile, Hoskinson’s comments regarding the ETHGate scandal have birthed a lot of controversies, creating hostilities between him and XRP community members. 

According to Hoskinson, XRP community members have given a different meaning to ETHGate. He noted that some XRP holders alleged that the ETHGate theory involves Ethereum officials bribing the SEC to sue crypto payments company Ripple. 

The Cardano founder labeled the allegation as a grand conspiracy, noting that there is no evidence to support the claim. 

“It’s a completely separate subject from Ethereum taking care of its own interest and trying to find relationships to help steer along a regulatory interpretation in their favor like most entities do,” he said.

According to him, “It’s a different conversation that somebody from the Ethereum side or otherwise gave money or did something for a regulator to go after you, the XRP people. It didn’t happen.”

The feud between Hoskinson and the XRP community has lingered for years, with Hoskinson taking steps to end it. Last year, he publicly sought peace to end the hostilities. 

However, his peace attempts yielded no results, as both parties continued to hurl derogatory comments at each other.  

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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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.


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