Ripple’s Chief Technology Officer (CTO), David Schwartz, and Cardano’s founder, Charles Hoskinson, have recently clashed over the controversial “ETH Gate” theory, becoming a clash of two heavyweight figures in the crypto industry.
The debates surrounding the ETH Gate theory resurfaced during an X Spaces event featuring Hoskinson. He highlighted that there are two narratives surrounding the theory. The first narrative suggests that Ethereum officials established connections with internal SEC staff to gain favorable regulations for ETH compared to other cryptocurrencies. On the other hand, the second narrative claims that Ethereum used its connections with the SEC to initiate legal actions against Ripple and XRP.
Hoskinson dismissed the second narrative as a conspiracy theory and emphasized that there is no evidence to support the argument that Ethereum bribed the SEC to eliminate Ripple and XRP. This belief has caused tension between Hoskinson and the XRP community.
In response, Schwartz challenged Hoskinson’s claim by raising questions about the evidence supporting the theory that Ethereum influenced the SEC against Ripple and XRP. Schwartz focused on the relationship between former SEC official William Hinman and Ethereum, questioning whether Hinman’s involvement and financial interests in Ethereum influenced the SEC’s actions.
Hoskinson accused Schwartz of trying to incite the mob with his comments and clarified that his grand conspiracy statement refers to the allegations made by XRP enthusiasts that Ethereum bribed the SEC. He emphasized that he has never taken a position on the conventional ETH Gate arguments.
Schwartz argued that the conventional ETH Gate arguments have been centered around how the regulatory commission favored Ethereum and portrayed XRP negatively in its regulatory conclusions.
This is not the first time that Hoskinson and Schwartz have clashed over the ETH Gate issue. Last year, Schwartz publicly disagreed with Hoskinson when he claimed that Hinman’s speech did not prove corruption but favoritism.
Disclaimer: This article is for informational purposes only and should not be considered as financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research and make investment decisions based on their own judgment. The Crypto Basic is not responsible for any financial losses incurred.
