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Ripple CTO and Cardano exec trade barbs over ‘ETHGate’ and more

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ETHgate’s impact on regulations raises concerns about fairness and transparency in cryptocurrency oversight.

'SEC's treatment of Ethereum & Ripple' draws ire: Decoding 'ETHgate'

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  • Debate between Ripple’s David Schwartz and Cardano’s Charles Hoskinson over Ethereum’s regulatory influence.
  • ‘ETHgate’ controversy questions SEC’s favoritism towards Ethereum.

In a recent clash of cryptocurrency titans, Ripple’s CTO, David Schwartz, and Cardano’s [ADA] co-founder, Charles Hoskinson, ignited a fiery debate surrounding the fate of Ripple’s XRP.

The heated exchange delved into allegations of conspiracy swirling around the Ethereum [ETH] community’s influence in regulatory actions targeted at XRP.

It all started when Hoskinson addressed claims that people from the Ethereum community influenced rules about XRP.

This unexpected move has raised eyebrows, hinting at potential preferential treatment from the SEC towards Ethereum.

However, Hoskinson vehemently dismissed these claims as unsubstantiated conspiracy theories, stressing the absence of concrete evidence to support such assertions.

The clash of words 

On the contrary, Schwartz criticized Hoksinson’s remarks and addressed the potential financial interests of former SEC official William Hinman 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?” 

Needless to say, Hoskinson, accused Schwartz of spreading false information.

Charles Hoskinson on ETHgate controversy

Source: Charles Hoskinson/ Twitter

Voicing his apprehension on the same, Steven Nerayoff, former Ethereum adviser, 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” 

Previous instances 

Well, this isn’t the first time such a debate has happened.

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.

The debate centers on allegations of Ethereum’s influence on regulatory decisions concerning Ripple’s 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? 

David Schwartz's previous tweet

Source: David “JoelKatz” Schwartz/ Twitter

Echoing similar sentiments, an X user, @TheFATEof2021, noted, 

X user's tweet on ETHgate controversy

Source: Crypto’s No Conspiracy News/ Twitter

Altcoins price 

It’s noteworthy that despite the ongoing dispute, there hasn’t been a direct impact on the price action of either XRP or ADA.

As of the latest update, XRP has experienced a 2.15% increase, while ADA has seen a jump of 1.08%. However, ETH seemed to be at a bearish end, falling by 0.32% in the past 24 hours. 

Hence, while the outcome of this dispute remains uncertain, its potential implications for the future of cryptocurrencies remain unresolved. 

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Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.
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