Upon receiving numerous attacks after suggesting that the United States Securities and Exchange (SEC) was after Ripple and the XRP token due to the lack of clarity and not because of corruption inside the securities regulator, the founder of Cardano (ADA) decided to hit back.
Indeed, Charles Hoskinson took to YouTube to directly express his disappointment and frustration over the amount of harassment he received over “a single comment,” as he told the public in a video he streamed on October 11.
XRP support and connections
Stressing his connections with the XRP leadership and that he was present at XRP’s every major milestone, and his long track record for being one of the few to support it, the Cardano founder said it was why “it came as a tremendous surprise, the incredible wave of criticism I received for a single comment which was taken out of context from an interview.”
“I was one of the only people in the top 10 of the crypto community to go and talk about the XRP case and said it was wrong for the SEC to pursue actions – that’s a fact, it’s verifiable, you can see it, and yet you want to go down this road as a community. It’s shameful.”
What he truly meant
Furthermore, Hoskinson tried to explain his views by saying that Ethereum (ETH) “may have gotten a pass because, as some believe, some commissioners have been somehow swept up in a large wave of corruption.”
However, according to him, “it could simply be that tens of millions of Americans have participated in Ethereum, collectively put tens of billions of dollars into it, thousands of businesses are built on it, and that Ethereum truly is decentralized.” He added that:
“And the probability of a regulatory enforcement of that would be quite low for Ethereum, whereas it’s higher for Ripple because of facts and circumstances behind the case – who knows.”
As Hoskinson further specified:
“You are the victims of the regulatory capture because there is a legislative hole. It’s not fair, it doesn’t feel good, and it’s a terrible situation for everybody involved, but this is what happens when the government overregulates.”
Cooperation over antagonization
Pointing out the harm done by the behavior he experienced, the Cardano founder concluded with a note on the importance of cooperation in the crypto space:
“We have a small window of time to do things the right way and if we don’t, regulation will come and end our industry as it is. The only thing that’s going to prevent that is if we work together, we set this pettiness and stupidity aside or, by default, we will lose.”
At press time, XRP, the token at the center of the whole saga, was trading at $0.49, down by 5.66% on the day, but up by 2.19% across the previous week, as per CoinMarketCap data.
Meanwhile, it could be facing a major correction – below $0.40 – in the near future, as crypto trading expert Ali Martinez identified a “sell signal” based on the TD Sequential instrument, as Finbold reported.
Featured image via Charles Hoskinson YouTube.
Watch the entire video below: