Last updated on May 18th, 2024 at 11:42 am
Cardano founder – Charles Hoskinson has dismissed the circulating rumor of a conspiracy between Ethereum and the SEC against blockchain company Ripple. The notable blockchain entrepreneur dropped his two cents in a recent post on X (formerly Twitter).
Hoskinson weighed in on the debate following a recent discussion brought up by tech entrepreneur and early adviser on the Ethereum network, Steven Nerayoff.
In Hoskinson’s comment, he made reference to when Ethereum was still an $18 million Initial Coin Offering (ICO). According to him, during that era, the Securities and Exchange Commission decided to “ignore” Ethereum and cryptocurrencies in general. Consequently, Ethereum became lucky after it got “too old” to consider after the SEC turned a blind eye.
“I’ve always believed that when Ethereum was an 18 million dollar ICO and very few people were doing them the SEC decided to ignore it and crypto and they got lucky to be too old to consider after the eye of Sauron moved over,” he said.
He continued by adding that “personal relationships and backroom stuff” may have played a significant role in the Commission’s leniency towards the project. Furthermore, Hoskinson noted that similar situations happen all the time, citing BlackRock, Chase, Goldman Sachs, Big Pharma, the telcos, and the defense industry as examples.
Ultimately, the Cardano founder dismissed the conspiracy rumor about Ethereum bribing the SEC to go after Ripple and its token XRP by stating that “it makes no sense at all” adding that Ripple was not even operating in the same smart contract space at the time.
How did the rumor come about?
Steven Nerayoff first initiated the controversy after he alleged that because of his knowledge about Ethereum’s ICO by virtue of being an early adviser on the network, a fabricated case was built against him.
According to him, people involved with the Securities and Exchange Commission, the FBI, the Department of Justice, and Ripple were working together in this plot.
Subsequently, Nerayoff’s defense attorney issued a statement saying that he plans to reveal what he knows. However, in the interest of justice and the public. he will do so with “proper procedure.”
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