- The debate between Ripple’s David Schwartz (left) and Cardano’s Charles Hoskinson (right) over Ethereum’s influence on regulation.
- ‘ETHgate’ controversy questions SEC’s favoritism towards Ethereum.
David Schwartz’s chief technology officer, Ripple, recently clashed with other cryptocurrency giants. Cardano’s [ADA] Charles Hoskinson ignited an intense debate about the future of Ripple’s XRP.
The argument heated up as the participants argued about conspiracy theories that have been circulating around Ethereum [ETH] Influence of the community on regulatory action targeted towards XRP.
Hoskinson began by addressing claims made that members of the Ethereum community influenced XRP rules.
The SEC’s unexpected decision has raised many eyebrows and hinted at a possible preferential treatment for Ethereum.
Hoskinson, however, vehemently rejected these claims, stating that there was no concrete evidence supporting such statements.
There is a clash of words
In fact, Schwartz Hoksinson condemned Hoksinson remarks and discussed the potential financial Interests of William Hinman, former SEC Official in Ethereum.
“He said”
“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?”
Hoskinson accuses Schwartz for spreading falsehoods.
His apprehension about this, Steven NerayoffFormer Ethereum advisor, noted
“It’s plausible Ethereum didn’t need to bribe the SEC as @JoelKatz laid out the common interests of the players. What isn’t plausible is saying there is no connection between vast disparity in the SECs treatment of Ethereum & Ripple”
Prior instances
This is not the first debate of this kind.
Schwartz and Hoskinson have previously clashed over interpreting remarks made by former SEC official William Hinman, sparking what’s now known as the ‘ETHgate’ controversy.
Discussion centers around allegations Ethereum’s influence over regulatory decisions concerning Ripple XRP.
These remarks laid the groundwork for the current dispute between Ethereum and Ripple and prompted a question—What implications will the ‘ETHgate’ controversy have on crypto regulations?
A user on X, @TheFATEof2021, also noted similar sentiments.
Altcoins price
Even though the dispute continues, neither XRP nor ADA have seen a significant impact in their price.
XRP’s value has increased by 2.15%, while ADA is now up 1.08%. ETH was on the downside, with a drop of 0.32% within 24 hours.
The future of crypto currencies is not yet clear, even though the outcome of the current dispute remains in doubt.
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Source: ambcrypto.com