Cardano Founder Addresses ETHGate Rumors: Did Ethereum Bribe The SEC To Go After XRP?
October 12 2023 - 4:30AM
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Cardano founder Charles Hoskinson recently gave his thoughts on
whether the US Securities and Exchange Commission (SEC) had given
Ethereum a regulatory free pass as recent rumors
suggest. Cardano Founder Alleges Favoritism Toward
Ethereum In an AMA session shared on X (formerly Twitter),
Hoskinson mentioned that the Himman emails and other revelations
expose the thought process of the SEC and show that there was
unequal application, which he doesn’t see anything wrong with.
Furthermore, he believes that none of the Commission’s actions
presupposes corruption but only favoritism. Related Reading:
XRP Price Prediction: Crypto CEO Delivers Bad News For The Altcoin
It is worth mentioning that Hoskinson happens to be a co-founder of
Ethereum. However, he was forced to exit the team after he
suggested that Ethereum be run as a commercial entity rather than a
nonprofit, but this idea didn’t seem to resonate with others on the
team. As such, one can easily assume that there could be some
form of bias in his statement, as he could feel endeared to
Ethereum despite the circumstances surrounding his exit. Reacting
to the clip, One X user stated that Hoskinson’s “old ETHGATE
buddies” may have convinced him to make such statements.
Meanwhile, others in the crypto community criticized his statement,
emphasizing that there was really no difference between favoritism
and corruption, especially when a government agency is involved.
Some went as far as alleging that Hoskinson could well have been
involved in the scandal and that he was talking “like a defendant.”
ETH price continues to struggle | Source: ETHUSD on Tradingview.com
Himman Emails And Other Revelations A Big Deal While Hoskinson may
have tried to downplay the Himman emails and other revelations,
they undoubtedly lay a foundation as to possible wrongdoings of the
Commission. For one, the email showed that Bill Hinman had
interacted with Ethereum’s co-founder, Vitalik Buterin before he
gave his speech, where he mentioned that ETH wasn’t a security.
With this in mind, Buterin could have possibly influenced Hinman’s
speech. There have also been revelations of how the SEC had close
ties with Ethereum, which instantly presupposes a conflict of
interest as it becomes harder to regulate or deal fairly with such
a body without being influenced by external factors. Related
Reading: No Love For FTX: Ex-Girlfriend Delivers Scathing Testimony
Against Sam Bankman-Fried Meanwhile, Steven Nerayoff, who was an
active participant during Ethereum’s Initial Coin Offering (ICO),
continues to allege that the SEC was corrupt in its dealings with
Ethereum and that he has evidence to back up his claims.
Pro-XRP legal expert John Deaton has also confirmed Nerayoff’s
claims as he has seen this supposed evidence under the
attorney-client relationship. In his announcement last month,
Deaton mentioned that Bill Himman’s cross-examination would be of
“epic proportions” and even offered to handle that personally if
the SEC’s case against Ripple were to go to trial. Featured image
from Bitcoinist, chart from Tradingview.com
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