Cardano creator Chares Hoskinson recently took to X to address statements made during a government hearing that misrepresented Cardano’s structure. The hearing, about Wyoming’s stablecoin project, incorrectly claimed that Cardano is based in Wyoming and operated by Input Output Global (IOG), the company founded by Hoskinson.
In his response, Hoskinson clarified that Cardano is a decentralized blockchain network, not controlled by any single entity. The Cardano ecosystem is moving toward a more robust governance system to empower its community.
Hoskinson also noted that the person in the video excluded XRP, ICP, Hashgraph, Bitcoin, and more from the Wyoming stablecoin project, but included Ethereum, noting that he previously worked at Consensys and implying that ETH was receiving some favorable treatment.
This is the guy who made the decision to exclude Cardano, XRP, ICP, Bitcoin, Hashgraph, etc
But he did include Ethereum. He knows a lot about it, given his former employer was Consensys… https://t.co/wfC2thhTB6
— Charles Hoskinson (@IOHK_Charles) December 14, 2024
Hoskinson and ETH Gate
While many in the blockchain community supported Hoskinson’s clarification, some noted a perceived inconsistency in his stance. Critics pointed to his previous comments regarding the XRP community’s allegations of bias against XRP, known as the “ETH Gate” conspiracy.
ETH Gate is a controversy alleging Ethereum received special regulatory treatment during its 2014 ICO and later, with claims of favoritism by regulators like the U.S. Securities and Exchange Commission (SEC).
The biggest sticking point for the XRP community is the SEC’s attempt to go after Ripple and XRP while ignoring Ethereum. Many in the XRP community believe that Ethereum’s creators bribed the SEC for these class actions.
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Hoskinson has dismissed claims that Ethereum received preferential treatment from regulatory authorities, stating that there is no proof that Ethereum bribed regulators to go after XRP.
However, Hoskinson believes the regulator showed favoritism. He stated that this favoritism has extended to the Wyoming stablecoin project.
Hoskinson’s recent remarks align with this belief. He suggests that Ethereum may have benefited from undue favor in the current context. He questioned why Ethereum was included in the regulatory discussion while other major blockchains were excluded but did not allege bribery or similar practices.
Meanwhile, Cardano is moving forward with major upgrades of key parts of the ecosystem. The digital asset is in its Voltaire era, and gradually giving all the power to the people through governance voting. Hoskinson has expressed faith in the ecosystem, recently stating that the world will run on Cardano.
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