In a recent development, Charles Hoskinson, the founder of Cardano, has addressed the concerns raised by the XRP community regarding his “grand conspiracy” statement.
This statement was made in the context of his criticism of the United States Securities and Exchange Commission (SEC) for granting Bitcoin and Ethereum a free pass while labeling other digital currencies, including XRP, as securities.
The initial comments made by Hoskinson sparked a reaction from members of the XRP community, who used his grand conspiracy remark to express their frustration over the SEC’s discriminatory treatment of most altcoins.
To clarify his statement, Hoskinson emphasized that his grand conspiracy remark was not directed at the SEC’s treatment of Bitcoin and Ethereum. Instead, he said the remark was specifically aimed at certain XRP enthusiasts who believed that Ethereum founder Joseph Lubin bribed the SEC to target Ripple.
Hoskinson made it clear that there is no concrete evidence to support the allegations against Lubin. He further clarified that the free pass argument and the allegations against Lubin are two distinct issues.
Charles Hoskinson tweeted, “THE ENTIRE GRAND CONSPIRACY STATEMENT IS ABOUT JOE BRIBING THE SEC TO GO AFTER RIPPLE NOT THE FREE PASS. NOT THE FREE PASS. NOT THE FREE PASS. For two fucking years we’ve been talking past each other. It’s beyond sanity.”
THE ENTIRE GRAND CONSPIRACY STATEMENT IS ABOUT JOE BRIBING THE SEC TO GO AFTER RIPPLE NOT THE FREE PASS. NOT THE FREE PASS. NOT THE FREE PASS.
For two fucking years we've been talking past each other. It's beyond sanity.
— Charles Hoskinson (@IOHK_Charles) November 28, 2023
SEC vs. Ripple Lawsuit
The SEC’s lawsuit against Ripple, filed in December 2020, alleges that the company’s sales of XRP violated federal securities laws. This lawsuit came two years after former SEC director William Hinman declared Bitcoin and Ethereum as non-securities, citing the decentralized nature of their networks as a key factor.
In a significant development, a New York federal court ruled that XRP is not, in and of itself, an investment contract, as claimed by the SEC. The regulator’s initial request for an interlocutory appeal was denied, and the commission did not challenge the portion of the ruling that declared XRP a non-security.
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Hoskinson’s clarification highlights the importance of clear and concise communication in the cryptocurrency space. His efforts to address the concerns of the XRP community demonstrate his commitment to transparency and open dialogue. As the SEC’s lawsuit against Ripple continues, the cryptocurrency industry will continue to closely monitor the evolving regulatory landscape.
This clarification from Hoskinson provides valuable insights into the ongoing discussions surrounding the SEC’s treatment of different cryptocurrencies. It also underscores the need for clear communication and a nuanced understanding of the complex issues at hand.
As the cryptocurrency industry continues to grow and evolve, it is crucial for industry leaders to engage in open and constructive dialogue to address concerns and promote transparency. The outcome of the SEC’s lawsuit against Ripple will have significant implications for the regulatory framework surrounding digital currencies in the United States.