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Cardano Founder Says The “Grand Conspiracy” Is SEC Only Went After Ripple And No One Else

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Cardano Founder Says His “Grand Conspiracy” Comment About Ripple Was Taken Out Of Context.



Hoskinson further clears the air of the misunderstanding surrounding his recent interview.

Charles Hoskinson, the founder of Cardano, has yet to get over the unfortunate incident between him and the XRP community over alleged corruption at the SEC that targeted Ripple.

In a 15-minute long YouTube video, Hoskinson discussed the number of criticisms he has received from the Ripple community over one of the statements he made in an interview with Thinking Crypto.

Recall that Hoskinson was heavily slammed by members of the XRP community for saying it was a “grand conspiracy” that XRP supporters would believe the SEC is engaged in a financial conspiracy with Ethereum officials, to attack Ripple. 

Hoskinson Stands By His “Grand Conspiracy” Comment

The Cardano boss maintained that the belief held by Ripple supporters is a grand conspiracy because there is no evidence that the SEC has chosen to go after only XRP and no other crypto project. 

“This was a grand conspiracy because it is. There is no evidence that the entire securities exchange commission has decided to only go after XRP and no one else,” Hoskinson was quoted as saying.

Hoskinson backed his statement by saying there are hundreds of cases the SEC has filed against various cryptocurrency projects. He added that Gary Gensler, the chair of the agency, also considers most cryptocurrencies to be securities. Based on these points, Hoskinson does not think the SEC collaborated with Ethereum officials to witch-hunt Ripple.

Cardano Boss Shocked At XRP Community’s Reaction

Hoskinson said he was surprised by the criticism he received from Ripple supporters. Per Hoskinson, he was shocked that the Ripple community would come after him for a statement taken out of context despite the level of support he had rendered to the cryptocurrency project.

“Apparently, a subset of the [Ripple] community has decided to get so far down the rabbit hole […] so much so that a person who has spent years being somewhat positive to the XRP community and has found ways to collaborate is now the enemy,” he said. 

Hoskinson said that some XRP supporters also called on financial regulators to investigate his role at Ethereum. 

“You are the victims of regulatory capture because there is a legislative hole. It’s not fair, it does not feel good and it is a terrible situation for everybody involved. This is what happens when the government over-regulates,” the Cardano exec said. 

Hoskinson noted that XRP should not be a security if it is truly decentralized, has utility, etc., adding that the community does not need a bizarre belief that the SEC is involved in a conspiracy against Ripple. 

Need for Unity in the Crypto Space

For Hoskinson, there is a need for crypto communities to unite, instead of fighting one another. 

“[…] We have a small window of time to do things the right way, and if we don’t, regulations will come and end our industry. The only thing that is going to prevent that is that we work together, we must set that stupidity aside, or by default, we lose,” he said.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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