In one of the latest developments in the crypto space, Cardano (ADA) founder Charles Hoskinson has once again been embroiled in controversy for his comments on the ETHGate Conspiracy Theory. This theory claims that the US Securities and Exchange Commission (SEC) has exercised undue influence and favoritism towards Ethereum at the expense of Ripple. Hoskinson, who is also a co-founder of Ethereum, discussed this theory in a question-and-answer (AMA) session on October 8. He gave information about his point of view. Here are the details…
ETHGate: What happened?
The ETHGate Conspiracy Theory circulating within the cryptocurrency community suggests that Ethereum may have used personal relationships and backroom dealings to divert the attention of the SEC. According to prominent ETHGate theorists, including XRP lawyer John E. Deaton, these actions led the SEC to exempt ETH from federal securities law. However, recent comments from Cardano inventor Hoskinson have challenged this theory. During the AMA session, Hoskinson argued that the SEC’s stance on Ether was not due to “corruption” but was an act of “nepotism.” He emphasized that Ether is not considered a security because of its age and not because of any behind-the-scenes dealings with the SEC. These comments sparked controversy and divided opinions within the crypto community.
This is the great irony of conspiratorial thinking. It’s spreads to every thought and association like a disease. I left Ethereum in June of 2014. The books written about it are definitely not polite. Yet suddenly I’m involved with things that happened years later during my… https://t.co/phXCXDJ0Yq pic.twitter.com/xeTyyodWHu
— Charles Hoskinson (@IOHK_Charles) October 15, 2023
Charles Hoskinson’s involvement in this debate came after criticism. Some accused him of siding with the regulator’s alleged corruption. But Hoskinson remains firm in his position. He denied rumors suggesting he was “totally opposed” to the SEC. He reiterated that the ETHGate conspiracy theory is built on unfounded assumptions. Hoskinson, who left Ethereum in 2014 and later founded Cardano (ADA), talked about his stance on Ethereum. He also repeatedly tried to clarify his connection to the SEC’s actions. He challenged the veracity of the allegations linking him to events that took place long after his departure from the Ethereum project. The negative portrayal surrounding its departure from Ethereum has been a point of contention.
Cardano inventor Hoskinson is very much in the controversy
Despite past efforts to find common ground with the XRP community, the Cardano inventor has faced backlash. Because XRP continued to be a source of disappointment for some with the discussions regarding Ripple and the SEC. X also shared about this in a series of posts on the social media platform. “You know my favorite part about the holidays was kicking the shit out of the XRP ETHGate conspiracy,” he joked. The controversy surrounding the ETHGate Conspiracy Theory and its ties to Ethereum and XRP are critical. This continues to be a matter of debate in the cryptocurrency space. Time will tell what will happen in the future. The opinions of many cryptocurrency figures may change.
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