Did the SEC perceive money from Ethereum founders in exchange for a peaceful life for ETH? This is roughly what the promoters of the conspiracy theory called “ ETHGate “. Charles Hoskinson, founder of Cardano and co-founder of Ethereum, whose name is involved in this story, has cleared the air recently. Details !
Hoskinson denies involvement in ETHGate
Since its creation in 2013, the native crypto ofEthereum has never been worried by American regulators. But the move from Proof-of-Work (PoW) to Proof-of-Stake (PoS) in September 2022 has changed the status of the second most important crypto currency in terms of market valuation.
Just a week after The Merge, Gary Gensler, current chairman of the US SEC, said that ether could well pass the Howey test. In other words, ETH had become a “security”.
“ This is the great irony of conspiracy thinking. It spreads through every thought and association like a disease. I left Ethereum in June 2014. The books written about it are completely unpolished. And yet I’m suddenly involved in things that happened years later, during my exile? With the same people I was competing against?
For what ? Because there are reasons!!! »
In a recent publication, Coin Edition highlighted comments made by Charles Hoskinson during an AMA session on October 8. The founder of crypto project Cardano (ADA) took the opportunity to claim that the Securities and Exchange Commission is reportedly developing a certain degree of “favoritism” towards ETH. In his eyes, the conspiracy theory around ETHGate, arguing a “ corruption ”, is completely unfounded.
For some members of the crypto community, this statement contradicts some of Charles Hoskinson’s positions regarding Ether. Thus, to calm things down, the father of Cardano argued thathe is ” completely against » the SEC.
ETH vs XRP, these cryptos treated with bias by the SEC?
Why so much fierceness against Ripple’s crypto when ETH has never been worried? This type of observation would have fueled the hypothesis of corruption among the conspiracy theorists of which John E. Deaton is a member.
This pro-crypto lawyer indeed mentioned “ mysterious relationships » between Ethereum and the SEC. Ripple’s XRP, although supported by judge Analisa Torres, has not had the same treatment as ETH.
For Charles Hoskinson, the Ether “ was lucky enough to be too old to be considered [comme une sécurity] “.
At this point, many ask themselves the following questions: is there any form of rivalry between XRP and ETH ? Does it pose a threat to Ethereum crypto? According to Charles Hoskinson, Ripple’s token has never threatened ether knowing that the two are not part of the same category of digital assets.
In the XRP ecosystem, there are no smart contracts like in Ethereum. If the latter focused on Proof-of-Work, Ripple for its part is positioning itself on fund transfers via blockchain technology.
“ Ripple was not not in the same category as Ethereum. It didn’t have smart contracts, we were in the proof of work space, we weren’t looking for relationships with banks or fund transfers. Coins like Nxt and Bitshares posed a threat », he tweeted on October 13.
All the more reason for Charles Hoskinson to deny any form of corruption encouraging the SEC to ignore ETH and intensify its attacks against XRP. As a reminder, the court rejected the American regulator’s appeal request in the case against Ripple.
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