Ripple CTO Responds to ETHgate Theory Remarks
In a turbulent exchange of opinions, Ripple’s Chief Technology Officer, David Schwartz, has hit back at the comments made by Cardano’s founder, Charles Hoskinson, concerning the ETHgate scandal and the motives that lie behind the United States regulators’ decision to not classify Ether (ETH) as a security.
The Core Argument: Corruption or Favoritism?
Hoskinson, in an Ask Me Anything (AMA) session, presented his views, suggesting that the actions of the government were not seeded in corruption but rather favoritism. He defended his stance by asking for evidence that suggests corruption, arguing that there is none. He proposed that what is observed is mere favoritism, a usual occurrence in the internet world.
Differing Perspectives: Ripple and Cardano
A rift has been observed between the Ripple community and Charles Hoskinson following the latter’s comments. David Schwartz, representing the Ripple community, responded by expressing that favoritism, when aligned with personal interests, especially by a government actor, is indeed a form of corruption.
Exploring the Background: ETHgate Scandal
The ETHgate theory holds the allegation that Ethereum benefitted from a free pass by U.S. regulators, particularly the U.S. Securities and Exchange Commission (SEC). This has created a significant discrepancy in the handling of other cryptocurrencies such as XRP, pushing them into regulatory uncertainties.
Conclusion: An Ongoing Debate
The crypto community is closely watching this development as the debate continues to unfold. With such potent allegations and defenses in play, the dialogue around the ETHgate scandal, corruption, and favoritism in cryptocurrency regulations seems far from over. The conversations between influential personalities like Hoskinson and Schwartz undoubtedly play a crucial role in shaping the broader discourse around cryptocurrency regulations.