After being slammed by some members of the XRP community following his controversial and provoking statement as it relates to Ethereum (ETH) and the Ripple-SEC case, Charles Hoskinson, the CEO of Input Output Global and the creator of Cardano (ADA), has taken to Twitter to defend his comment about the XRP community during the Friday podcast session with Tony Edward.
As earlier reported by TimesTabloid, Charles Hoskinson claimed that the XRP community is trying to invent a grand conspiracy that some corruption occurred between the SEC and Ethereum (ETH). In a long Twitter thread, the Cardano (ADA) founder noted that he has always had a double viewpoint on the Ripple-SEC case.
“Recently, the most surprising thing to me has been how hard I’m being hit by some on the XRP side for my recent comments on their SEC issues. I’ve always been of two minds here and I guess some nuance is required to explain, which the internet always lacks,” he wrote.
Recently, the most surprising thing to me has been how hard I'm being hit by some on the XRP side for my recent comments on their SEC issues. I've always been of two minds here and I guess some nuance is required to explain, which the internet always lacks (1/16)
— Charles Hoskinson (@IOHK_Charles) October 8, 2022
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According to him crypto regulation is necessary but claims that the SEC is adopting the wrong approach adding that they are ill-equipped by law and policy from the legislative arm. The Cardano (ADA) founder said that “cryptocurrencies aren’t immune to regulation. Markets need to be stable, well-functioning, trusted actors monitored, and cartels examined. Commodity regulation is principles-based, market-oriented, and global by nature. Commodities survive those who aggregate them.”
On the other hand, he pointed out that the XRP token is not a security but rather a commodity as opposed to the SEC’s claim. Buttressing why the XRPL native token is not a security as the SEC alleges, Hoskinson stated that XRP is highly decentralized and offers a lot of utility.
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He said, “I’ve always taken a position that most layer 1 protocols aren’t securities because it’s bizarre and senseless to consider something that offers utility, is decentralized enough to have operators and builders throughout the world, and survives its founders passing Howie.”
“Ripple created something that has an ecosystem that will survive Brad, Chris, David, or anyone else. The very fact that there is an independent XRP army criticizing me is proof of this reality. The ledger will likely run for decades trading value,” Charles Hoskinson added.
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