Charles Hoskinson on the SEC: 'Corruption is a separate matter'
Charles Hoskinson said that the discussion of corruption within the SEC is a completely separate matter and should be treated accordingly.
Hoskinson's stance on the matter is significant because it shows that there is still support for Ripple within the cryptocurrency community. While the legal tussle with the SEC continues, it is important to remember that there are those who believe in the potential of the blockchain firm.
The XRP Army is known for being a passionate and vocal group, and they are not happy with Hoskinson's take on the debate surrounding corruption inside the SEC.
Space Fragmentation Could Pose Serious Threats, Experts Warn
There is a conflict of interest involving William Hinman, former SEC Director of Corporation Finance. During his time at the agency, he reportedly attended meetings with several Ethereum officials after declaring that ETH is not a security. Hinman’s calender showed that he met with Ethereum-related entities four times between 2017 and 2018, far more frequently than any other crypto company.
Ripple's legal team has met with the SEC several times over the past few years, raising questions about whether the agency has unfairly targeted the company in its crackdown on cryptocurrency firms. These meetings suggest that there is more to the story than the SEC has revealed, and that Ripple may have a case against the agency.
The Cardano founder, on the other hand, thinks otherwise. In a recent podcast with the Thinking Crypto founder Tony Edward, Hoskinson said the XRP community attempted to invent a “grand conspiracy” about a “blatant corruption” between the insiders at the SEC and Ethereum. Hoskinson's comments come at a time when the SEC is scrutinizing XRP more closely, and a ruling on whether or not it is a security is expected soon. If the SEC declares XRP a security, it could have a major impact on the cryptocurrency's price and future.
Hoskinson's comments have caused a stir among the XRP Army, with many calling him out on social media. Hoskinson believes that debating the issue of corruption would not help Ripple in winning its case, and would instead "fragment the space." In a response to attorney John Deaton, Hoskinson said that Ripple's focus should be on providing a clear and concise argument, rather than getting caught up in a debate.
“You’re a lawyer John and understand full well that the corruption discussion will have no impact on the current is XRP a security conversation. It’s a completely separate matter and should be treated as such. All it does is fragment the space and reduce the chance of winning.”
It is indeed frustrating when we see people being selectively enforced for breaking the law, while others seem to get away with it. However, we need to be careful about how we express our anger. Taking proper steps, such as filing a complaint or contacting an attorney, is the best way to get results.
Ripple and SEC Go Head-to-Head in Court
In a big win for Ripple, the SEC was ordered to release documents written by former SEC chair Jay Clayton. The SEC had previously objected to producing the documents, citing irrelevance to the case. However, the court found that the documents are relevant to the case and are not protected by the deliberative process privilege or attorney-client privilege. This is a big victory for Ripple, and it sets a precedent that could force the SEC to release more documents in the future.
It is unclear at this time whether or not the Commission will actually hand over the documents to the court. According to general counsel to Ripple Stuart Alderoty, the agency has flouted the past six orders given by the court, a move that is seen as deliberately fostering uncertainty rather than providing clear guidance. It is yet to be seen what will happen next in this ongoing saga.
It's no secret that the crypto industry is full of rivalry and competition. But when it comes to Cardano's Charles Hoskinson, he's not afraid to speak his mind – even if it means taking shots at Ripple.