Ripple Executive and Community Slam Charles Hoskinson Over ETHgate Comments
David Schwartz, Ripple’s Chief Technology Officer has hit back at Charles Hoskinson over his defense of the Securities and Exchange Commission’s (SEC) comments on Ethereum (ETH) over other projects.
Popularly called ETHgate in digital asset circles, the issue sparked off following the SEC’s case against Ripple (XRP) and a renewed regulatory onslaught on altcoins suggesting that many can be viewed as securities under the Commission's purview.
The controversy heightened after a draft of the popular Hinman documents was released, involving SEC director William Hinman making a case for Ethereum not being a security.
On Oct 8, Cardano’s co-founder Hoskinson spoke on the ETHgate conspiracy theories in an AMA session arguing that there was no proof of such and the actions of the authorities were not based on corruption.
Distancing the acts from corruption, he describes the incidents as favoritism which led to backlash from the wider community.
“None of that activity presupposes corruption, just favoritism… this how the internet works, and it can’t be fixed now.”
Hoskinson went on to differentiate between the business models of Ethereum and Ripple adding that the latter serves different customers and is without smart contracts.
“Doesn’t that dilute your entire goal of making Ethereum not a security to also do that? Are you so scared of XRP that’s going to happen? You really believe that? If you do, you’re a crazy person in my book,” he added.
Lastly, he stated that so far, pro-ETHgate backers have no proof of anything asking for emails or meetings of any alleged corruption between officials.
Schwartz criticized the Cardano executive’s line of thought adding that if the action of the government constitutes favoritism for the benefit of
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