The news about Consensys’ lawsuit prompted a discussion on the ETH Gate theory over the weekend. against US Securities and Exchange Commission. Discussions intensified after the Ripple CTO David Schwartz debated with Cardano Founder Charles Hoskinson on X.
What is the Double Standard for Ethereum?
Consensys, a crypto-firm, sued the US SEC on Thursday. The regulator was accused of “unlawful seizure of authority” Ethereum. After the news broke, there was an online discussion about the SEC’s supposed favoritism of the second largest cryptocurrency in terms of market capitalization.
Users X commented On crypto exchanges “double standard.” Many noted that platforms like Binance Coinbase Crypto.com Bitstamp and Bitstamp, delisted Ripple after SEC’s Ripple crackdown.
You can also say: @coinbase @cryptocom @BinanceUS @Bitstamp @BittrexExchange Delist Ethereum when? You still try to meet regulatory requirements or not??? pic.twitter.com/QiWG9qEUbZ
— Digital Asset Investor (@digitalassetbuy) April 26, 2024
Moreover, the members of crypto-community also requested that ETH be delisted. One user stated The crypto asset is a good investment if it’s backed by a cryptocurrency “doesn’t get delisted, we know #ETHGate is real.”
Theories about the SEC attacking Ripple or XRP to favor Ethereum have been part of a long-running saga which has led to concerns and speculations over its regulatory inconsistency.
Last year, lawyer Jeremy Hogan and expert in cryptography weighed into the debate over Hinman’s email and speech drafts. Hogan alleged The former SEC Division of Corporation Finance Director was probably paid by someone connected to the Ethereum Foundation for a speech that gave ETH as a prize. “free pass.”
Ripple CTO challenges Hoskinson’s ETH Gate Stand
Charles Hoskinson claimed that Ripple executives and the XRP armies must apologize to him before a collaborative project can be started. Hoskinson claimed during a X Space recent meeting that XRP community had attacked him every day since 2022.
After the session, he received a scolding from the XRP Army. They declared he had been wrong. Hoskinson repliedIn an apparent attempt to prove his argument, he alleges the hatred “It’s never-ending and completely devoid of reason.”
Jack is a well-known figure within the XRP Community. argued It would be counterproductive to give a platform to those who have attacked Hoskinson. Cardano founder corrected someone by claiming that he was not the one who had attacked Hoskinson. “misspoke” The following are some examples of how to get started: “mischaracterized” The community’s accusations
Hoskinson confirmed that he did not misspeak as many people believed “members of the Ethereum community bribed the SEC to take out XRP.” He claims that this story has been repeated several times. “no evidence of it.”
Hoskinson was questioned about his lack of proof by Ripple CTO, who joined in the conversation. Schwartz stated: “So, was Hinman not intimately involved? Did he not have a financial interest in Ethereum? Did he recuse himself? Or is that not evidence for some reason?”
Was Hinman involved in the affair? He did not know about the? financial What is the interest in Ethereum? Has he resigned? Is this not proof for any reason?
— David “JoelKatz” Schwartz (@JoelKatz) April 28, 2024
To Hoskinson, Schwartz was “inciting a mob by spreading false information.” Moreover, he denied that ETH Gate arguments were invalid and claimed his “grand conspiracy statements have always been related to the belief that somebody from Ethereum bribed the SEC to go after XRP.”
Ripple CTO redoubled his efforts to answer Hoskinson’s questions. Hoskinson was asked to confirm that he did not believe in any of Hoskinson’s theories. statements Hinman’s influence and involvement in Ripple’s litigation, for which there was no response, is evidence of Hinman’s interests.
The 7-day chart shows XRP trading at $0.50. Source: USDT XRP on TradingView
Featured image from Unsplash.com. Chart by TradingView.com
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