Ripple CTO Criticizes Charles Hoskinson for Accusing the SEC of Favoring Ethereum

Ripple CTO slams Charles Hoskinson over SEC’s ETH ‘favoritism’

Ripple CTO Responds to Cardano Founder’s Claims on SEC’s ETH ‘Favoritism’

David Schwartz, the Chief Technology Officer of Ripple, has challenged comments made by Cardano founder Charles Hoskinson regarding potential motivations behind the United States regulators’ decision to classify Ethereum (ETH) as not a security.

Hoskinson addressed the controversial ‘ETHgate’ theory during an AMA session on October 8, arguing that the government’s actions were not driven by corruption.

‘ETHgate’ is a conspiracy theory suggesting that Ethereum received preferential treatment from U.S. regulators, particularly the U.S. Securities and Exchange Commission (SEC), which has consistently maintained that ETH is not a security.

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Despite SEC director William Hinman’s 2018 declaration that Ether is not a security, U.S. regulators have faced challenges in determining the status of other cryptocurrencies, such as XRP. This has created significant obstacles to their adoption.

Hoskinson contended that the release of Hinman’s speech drafts on Ethereum’s regulatory status in June 2023 doesn’t necessarily indicate corruption but rather favoritism. He questioned the lack of concrete evidence pointing to corruption, asking, ‘Where are the emails? Where are the meetings?’

Hoskinson also highlighted the differences between XRP and Ethereum, arguing that their distinct customer bases, absence of smart contracts, and differing business models make it unjust to equate them. He questioned whether the fear of XRP’s influence is a genuine concern.

Hoskinson’s recent remarks related to ‘ETHgate’ swiftly elicited responses from the XRP community, including Ripple’s CTO, David Schwartz, who suggested that government actors displaying favoritism aligned with their personal interests could be considered a form of corruption.

The discussion around this issue has been heated, with some suggesting that Hoskinson’s inquiries about evidence might be related to his past involvement with Ethereum as one of its co-founders.

Aside from his role at Cardano, Hoskinson was one of Ethereum’s co-founders and briefly served as Ethereum’s CEO between 2013 and 2014. He later departed Ethereum and went on to launch Cardano.

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