Cardano Founder Says “XRP Lawsuit Shouldn’t Have Happened,” Ripple Chairman Agrees

Hoskinson supports Ripple, but XRP holders think it’s too late.

Members of the Ripple community have continued to lash out at Cardano founder Charles Hoskinson for saying they formulated a “ Grand conspiracy” about a former SEC internal staff and Ethereum officials. Hoskinson’s comment incurred the full wrath of XRP holders against him. 

Reacting to the development, the Cardano exec said it does not matter whether there was a conspiracy between Ethereum and the internal SEC staff. 

“I explained how we got here and how we need to get out [in the podcast],” Hoskinson said.  

Hoskinson added that the lawsuit between the SEC and Ripple should not have happened in the first place if there had been regulatory clarity for the United States’ cryptocurrency industry.

According to the prominent cryptocurrency entrepreneur, the SEC’s “regulation by enforcement” approach is bad business for everyone.

Hoskinson said: “Conspiracy or not; my point is that it doesn’t matter. I explained how we got here and how we needed to get out. The entire XRP affair shouldn’t have happened. It’s bad for the industry, and regulation through enforcement doesn’t so any good for anyone.”

Conspiracy or not, my point is that it doesn't matter. I explained how we got here and how we need to get out. The entire XRP affair shouldn't have happened. It's bad for the industry and regulation through enforcement doesn't so any good for anyone

— Charles Hoskinson (@IOHK_Charles) October 8, 2022

Ripple Community Still Angry 

Meanwhile, Hoskinson’s latest statement did not move many Ripple enthusiasts. Many XRP supporters still took the time to blast the Cardano boss again over his previous statement and his latest tweet. 

A popular XRP influencer who goes by the pseudonym “Crypto Eri” was among those still angry with Hoskinson. Commenting on Hoskinson’s latest tweet, Crypto Eri said: 

“It does matter. Very much. Your very point is appalling. Wow, I’m quite shocked. I had you for a different person. So when they come after Cardano and ADA, backed by corruption, criminal behavior, and lies, I’ll remember… It doesn’t matter.”  

Other XRP enthusiasts also put Hoskinson on blast.

@tanya_fallon said: “It do matter….For the whole crypto market and a fair playing field for everyone in the space.”

@cryptosquid77 said: “Before you make the “conspiracy” statement, you should take some time and research the evidence. If you cared about “crypto” you would be concerned and it “should” matter. Such a shame.. I thought you were a good guy.”

@bobbyxrp1 writes: “Kind of starting to think you might have had a hand in this eth gate business now.”

Ripple Chairman Backs Hoskinson

While most XRP supporters are angry with Hoskinson, Ripple co-founder and chairman Chris Larsen threw his weight behind the Cardano boss.

Larsen noted that he agrees with Hoskinson on the “larger point at hand,” which borders on the absence of clearer cryptocurrency regulation.

“I agree with IOHK_Charles on the larger point at hand – there is no regulatory clarity on how to classify and use crypto in the US,” Larsen said.

According to the Ripple Chairman, the Securities and Exchange Commission uses the regulation by enforcement tactic to bring all digital currencies under its jurisdiction, which has continued to be a problem for everyone in the industry.

Larsen also took time to commend Hoskinson for his generous contributions in the crypto sector, especially his efforts towards pushing for friendly climate initiatives for Bitcoin.

Separately, some may not be aware, but Charles has been instrumental in crypto + climate initiatives, specifically researching and developing code for Proof of Useful Work (a way for Bitcoin to become a carbon-negative chain). I appreciate you engaging on this important issue!

— Chris Larsen (@chrislarsensf) October 9, 2022