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04/29/2024

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Ripple CTO and Cardano Founder Lock Horns Over “ETH Gate”

Ripple CTO David Schwartz and Cardano founder Charles Hoskinson express dissenting views over the controversial ETH Gate theory.  In what can be described as a clash of two crypto heavyweights, the Ripple CTO...

Ripple CTO and Cardano Founder Lock Horns Over “ETH Gate”

Ripple CTO David Schwartz and Cardano founder Charles Hoskinson express dissenting views over the controversial ETH Gate theory. 

In what can be described as a clash of two crypto heavyweights, the Ripple CTO and Cardano founder were recently at loggerheads over “ETH Gate,” one of the industry’s most controversial topics. 

ETH Gate Debates Resurfaces 

Debates surrounding the ETH Gate theory resurfaced over the weekend during an X Spaces featuring Hoskinson. Per Hoskinson, there are two narratives surrounding the controversial ETH Gate theory. 

The first narrative suggests that Ethereum officials established connections with internal SEC staff to give ETH favorable regulations over other crypto assets. 

On the other hand, the second narrative features claims from some crypto enthusiasts that Ethereum leveraged its connections with the SEC to instigate legal actions against Ripple and XRP.

Commenting, Hoskinson emphasized that the second narrative is a conspiracy theory and that no evidence supports the argument that the Ethereum community bribed the SEC to “eliminate” Ripple and XRP. Hoskinson has always held this belief, which has generated bad blood between him and the XRP community.

Ripple CTO Refutes Hoskinson’s Claim 

Reacting to Hoskinson’s comment, Schwartz raised some questions about the evidence he thinks supports the theory that Ethereum influenced the SEC to actively plot against Ripple and XRP. 

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Schwartz’s questions revolve around the relationship between former SEC official William Hinman and Ethereum. 

“So, was Hinman not intimately involved? Did he not have a financial interest in Ethereum? Did he recuse himself? Or is that not evidence for some reason?” the Ripple CTO quizzed

Furthermore, Schwartz asked Hoskinson whether he considers Hinman’s affiliation with Simpson Thacher & Bartlett as potential evidence that could have influenced factors surrounding the SEC’s lawsuit against Ripple.  

Before joining the SEC, Hinman was a partner at Simpson Thacher & Bartlett LLP, a member of Enterprise Ethereum Alliance (EEA), a firm focused on marketing Ethereum as an enterprise solution. 

While at the SEC, Hinman met with Simpson Thacher staff on multiple occasions, including in 2018, the period leading to his controversial speech about ETH not being a security. 

Cardano Founder Reacts 

Reacting, Hoskinson accused Schwartz of trying to incite the mob with his comments. The Cardano founder noted that while he never took a position on the conventional ETH Gate arguments, his grand conspiracy statement relates to allegations fostered by XRP enthusiasts that Ethereum bribed the SEC to go after Ripple. 

“No matter how many times you try to conflate the two statements, it won’t change reality,” Hoskinson added.

In response, Schwartz suggested that the conventional ETH Gate arguments have been focused on how the regulatory commission concluded and interpreted regulatory lines, seemingly favoring Ethereum and casting XRP in a negative light. 

This is not the first time that Hoskinson and Schwartz have had arguments over the ETH Gate issue. Last year, Schwartz publicly disagreed with Hoskinson after he claimed Hinman’s speech did not prove corruption but favoritism. 

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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