Cardano’s founder, Charles Hoskinson, suggested that ETHGate is all about how Ethereum leverage its relationship with the U.S. Securities and Exchange Commission (SEC) for favourable treatment in a recent YouTube Ask Me Anything (AMA) video session.
The concept of “ETHGate” has been a long-standing topic of debate in the crypto community. It centres around allegations that members of the Ethereum core development team cultivated relationships with key SEC executives to gain preferential treatment.
The theory suggests that this relationship influenced the regulatory agency’s position that Ethereum was a non-security, while other projects, such as XRP, faced accusations of being securities.
The conspiracy theory was substantiated with claims from a former director at the SEC, William Hinman, who declared ETH as a non-security during his speech in June 2018.
While Hoskinson clarified that he did not deny the occurrence of ETHGate, he emphasized a different interpretation from the XRP community’s claims.
Hoskinson suggested that Ethereum strategically managed its interactions with the SEC to influence regulatory interpretations, much like other entities do.
Notably, Hoskinson’s perspectives about ETHGate have spurred many heated arguments between himself and many pundits from the XRP community. He has always strongly disagreed with the claims of XRP community members who believe that Ethereum must have bribed the SEC to go against other crypto entities.
In the video, Hoskinson challenged the XRP community, stating that they lack evidence supporting their claims that an Ethereum executive bribed the SEC to target other cryptocurrency projects. He also criticized Ripple’s key executives, David Schwartz and Brad Garlinghouse, accusing them of perpetuating false accusations against the Ethereum protocol.
Hoskinson referenced his 2022 Grand Conspiracy statement in which he mentioned that the SEC’s focus was primarily on Ripple Labs, not extending to other cryptocurrency projects.
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