Ripple is still involved in a legal dispute with the SEC. Some community members claim significant corruption by the agency for targeting the blockchain company. Charles Hoskinson, Cardano founder, has clarified his position on the matter and supported Ripple by stating that layer-1 protocols don’t constitute securities.
However, the XRP Army is not happy with Hoskinson’s approach to the SEC corruption debate.
Fragment the Space
XRP supporters believe that William Hinman (ex-SEC Director of Corporation Finance) is involved in a conflict. After declaring that ETH was not a security, he reportedly attended meetings at the agency with many Ethereum officials. Hinman’s calendar showed that Hinman met with Ethereum-related entities four more times than any other crypto company between 2017-2018.
The report also revealed that Ripple’s legal team had met with the SEC three times in April 2018, 2019, and again in 2020. These revelations support the growing belief in the SEC that it unfairly targeted Ripple during its crackdown.
Cardano founder Tony Edward, however, believes otherwise. Hoskinson, a Thinking Crypto founder, stated that the XRP community tried to invent a conspiracy about blatant corruption between insiders at Ethereum and the SEC.
This was not a good idea for the XRP Army who subsequently called Hoskinson out on social media. Hoskinson says that this corruption debate will not help Ripple win the case but rather “fragment” the space. Hoskinson responded to John Deaton’s question.
“John is a lawyer and you know that the corruption conversation will not have any impact on the current security conversation. It is a separate matter that should be treated as such. It does nothing but fragment the space and decrease the chances of winning.
Hoskinson said that it was okay to be upset about selective enforcement, while also pointing out that “proper steps must be taken.”
SEC vs. Ripple
Ripple has had small but significant wins against the SEC. Analisa Torres, District Court Judge, ruled that Hinman’s documents could be released. Although the SEC previously opposed the release of the documents, citing irrelevance, Judge Analisa Torres, District Court Judge, ruled to release them. She also stated that the documents are protected under attorney-client privilege and deliberative process privilege.
The court will have to wait to see if the Commission actually gives the documents over to them. General counsel Ripple Stuart alderoty stated that the agency ignored six court orders. This is a move that was seen as fostering uncertainty and not providing clear guidance.
CryptoPotato’s first article, Cardano’s Hoskinson – Peddling conspiracy theories won’t help Ripple win appeared first on CryptoPotato.
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