Charles Hoskinson, the founder of Cardano, explains his position in the SEC vs. Ripple dispute

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Last Updated on October 8, 2022 by Bitfinsider

Hoskinson places blame for the absence of crypto laws on legislative bodies

Charles Hoskinson, the founder of Cardano, clarified his opinion on Ripple and XRP, as well as the SEC, in a series of tweets on October 8. Having previously asserted that the XRP community attempts to fabricate a corruption plot between SEC insiders and Ethereum insiders, the XRP army chastised him for his remarks on Ripple.

Source: Twitter

He believes that most Layer-1 protocols are not secure because they are useful, decentralized, and satisfy the Howey Test.

According to Hoskinson, the cryptocurrency sector is not immune to laws and regulations. “Stable, well-functioning, trusted actors monitored, and cartels examined” are all requirements for a market. Contrarily, commodity regulation is based on standards, markets, and widespread acceptance. Additionally, he asserts that “commodities survive those who aggregate .”

The ecosystem of Ripple, led by CEO Brad Garlinghouse, co-founder Chris Larsen, and CTO David Schwartz, is also resilient. In fact, the fact that an independent XRP army is denouncing him shows how widely used it is. The XRP Ledger is also decentralized and has a long lifespan.

Attacking current and past government officials, Bitcoin for energy consumption or Chinese influence, and individual corruption that has nothing to do with the Howey Test is therefore ludicrous. Furthermore, suggesting that the SEC should sue Ethereum doesn’t address the bigger problems with cryptocurrencies.

Charles Hoskinson accuses legislative entities of failing to pass crypto laws and address problems. Due to the absence of specialized crypto rules, the regulators SEC and CFTC are just following existing laws. Most likely in 2023, new legislation will be implemented.

Increase in XRP Value

With the Hinman documents becoming crucial for a summary judgment, the XRP price has risen as investors price in a victory for Ripple in their dispute against the SEC. The price of XRP increased by 8.2 percent in the last 24 hours, reaching a 24-hour high of $0.52.

Charles Hoskinson has already noted that this year marks a number of significant achievements for the XRP and ADA projects. Ripple said its ODL capabilities increased by a factor of 9. Meanwhile, the Vasil hard fork was implemented on Cardano. Currently, the cost of one ADA token is $0.42.

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