Cardano (ADA) Founder Reveals His Stake on Ripple (XRP) Case! Who Does It Support?

IOG and of Cardano founder Charles Hoskinson in a series of recent Tweets Ripple It has decided to clarify its stance regarding the XRP-SEC lawsuit filed against Labs.

Hoskinson also stated that some people were taken from the XRP community due to some of his comments.

“SEC Unfair in Claims, XRP Needs to be Regulated as a Commodity”

Hoskinson believes that XRP is a security and that this lawsuit against Ripple is nonsense and that Ripple should be regulated as a commodity.

The Cardano founder wrote that he believes most of the layer 1 protocols (including Ripple) are not securities because they provide utility and have enough decentralization in them, they also pass the Howie test, which shows whether an asset is a security.

Basically, Hoskinson believes XRP is a commodity and likens it to oil and even baseball cards. However, he warns you will have “obvious problems and information asymmetries” if you try to securitize oil or cards.

Hoskinson, cryptocurrency He admits that the markets need regulation to have a stable and well-functioning structure, the actors in this market should be kept under surveillance and the cartels should be examined. The famous name stated that the most suitable for this is the arrangement for commodities.

Another argument by Hoskinson that Ripple is a commodity is that “commodities can outpace those who hold them”.

In the example of Ripple, he wrote that the company is building “something with an ecosystem that will survive even without Brad Garlinghouse, Chris Larsen, David Schwartz (CTO) or anyone else.”

In his latest tweet in the thread, Hoskinson wrote to Ripple about the “nonsense of applying securities regulation”:

“XRP is something that has millions of independent participants in over 100 countries and cannot be controlled by any official of a single company.”

*Not investment advice.