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- Corruption discussion within the SEC is a completely separate matter – Hoskinson
- ADA Price at the time of writing – $0.3968
- XRP Price at the time of writing – $0.4847
Ripple and the Securities and Exchange Commission (SEC) are still locked in a legal battle, and some members of the community have accused the SEC of engaging in significant corruption in its pursuit of the blockchain company.
Charles Hoskinson, the founder of Cardano, has stated that layer-1 protocols are not securities, reiterating his position on the subject and supporting Ripple. However, Hoskinson’s approach to the SEC corruption debate does not sit well with the XRP Army.
The proponents of Space
XRP believes that William Hinman, the former Director of Corporation Finance at the SEC, has a conflict of interest. After declaring that ETH is not a security, he is said to have attended meetings with a number of Ethereum officials during his time at the agency.
According to Hinman’s calendar, he met with Ethereum-related parties four times between 2017 and 2018, which is significantly more often than any other crypto company.
It also showed that Ripple’s legal team and SEC officials met once in April of 2018, three times in 2019, and twice more times in 2020.
The perception that the regulatory body unfairly targeted the blockchain company in its crackdown was strengthened by these developments. On the other hand, the founder of Cardano has a different perspective.
Hoskinson said that the XRP community tried to create a grand conspiracy about blatant corruption between insiders at the SEC and Ethereum in a recent podcast with Thinking Crypto founder Tony Edward.
Hoskinson also stated that proper steps need to be taken and that it is OK to be angry about selective enforcement.
The XRP Army did not like this, and as a result, they criticized him on social media. However, Hoskinson believes that this controversy over corruption would instead fragment the space rather than assist Ripple in winning the case.
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Ripple versus SEC
Ripple has been defeating the SEC in small but significant victories. The decision by District Court Judge Analisa Torres to release the Hinman-authored documents was yet another tactical victory.
The SEC had previously stated that the documents are protected by deliberative process privilege (DPP) and the attorney-client privilege and that they were irrelevant to the case.
Whether the Commission will actually hand over the documents to the court remains to be seen. Ripple’s general counsel, Stuart Alderoty, claims that the company ignored the court’s previous six orders, which he believes was done with the intention of creating uncertainty rather than providing clear direction.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
