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05/01/2024

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Cardano Founder And Ripple CTO Go Head To Head Over XRP Regulations And ETHGate Allegations | Bitcoinist.com

The crypto community is witnessing a virtual showdown between Cardano Founder, Charles Hoskinson and Ripple’s Chief Technology Officer (CTO), David Schwartz. The two crypto giants are clashing over Ripple’s...

Cardano Founder And Ripple CTO Go Head To Head Over XRP Regulations And ETHGate Allegations | Bitcoinist.com

The crypto community is witnessing a virtual showdown between Cardano Founder, Charles Hoskinson and Ripple’s Chief Technology Officer (CTO), David Schwartz. The two crypto giants are clashing over Ripple’s present regulatory challenges and the allegations surrounding the ETH Gate.  

Hoskinson And Schwartz Embark On Heated Debate

Tensions have flared up within the crypto community as Hoskinson and Schwartz engaged in a fiery debate over allegations of conspiracy within the Ethereum community and Ripple’s ongoing legal battle with the United States Securities and Exchange Commission (SEC). 

The controversy had begun when Hoskinson had publicly addressed rumors which claimed that the Ethereum community had influenced the regulatory decisions of the Ripple case by allegedly bribing the SEC to go after XRP. The Cardano founder had vehemently dismissed these allegations as unfounded conspiracy theories lacking credible evidence. 

In a swift rebuttal, Schwartz raised questions about a potential conflict of interest involving William Hinman, the former director of the US SEC. The Ripple CTO had implied that Hinman, having financial interests in Ethereum and recusing himself, may have swayed regulatory decisions in favor of Ethereum, potentially impacting the litigation against Ripple. 

“Aren’t the conventional ETH Gate arguments precisely about how it came to be that the SEC drew and interpreted the line in such a way that ETH was on the good side of it and XRP was on the bad side?” Schwartz inquired. 

Cardano Founder Faces Backlash From XRP Community

In a subsequent post, Hoskinson criticized Schwartz for purportedly spreading false information regarding allegations about an Ethereum community’s influence on Ripple’s legal battle with the US SEC. He clarified that he had never taken a stance on the rumors and arguments related to the ETH Gate, rather his statements have consistently revolved around the belief that someone within the Ethereum community had bribed the SEC to target XRP. 

Responding to Hoskinson’s comment, an XRP supporter and crypto member accused the Cardano founder of constantly using a preface in his posts to elicit sympathy rather than directly addressing the main problem. The member had also suggested that Hoskinson often portrays himself as a victim within the crypto community while refusing to change his opinions.

Related Reading: Cardano Roars Back To Life As ADA Whales Move $13.84 Billion

Following this, Hoskinson challenged the XRP supporter, using explicit language to demand proof that supports the claims that a member of the Ethereum community had directly influenced the legal proceedings of the Ripple and SEC case. 

Another community member also accused Hoskinson of misspeaking and misrepresenting the allegations made by the XRP community. The XRP supporter criticized the Cardano founder for aggravating the issues by insulting the XRP community and Schwartz, while simultaneously adopting a “narcissistic victim” stance. 

Hoskinson defended his position, asserting that he did not misspeak, and solidified his belief that allegations involving the Ethereum community bribing the SEC were and “has always been a conspiracy theory.” 

ADA price chart from Tradingview.com (Ripple CTO Cardano founder)

ADA price at $0.43 | Source: ADAUSDT on Tradingview.com

Featured image from Analytics Insight, chart from Tradingview.com

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Scott Matherson

Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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