Cardano Founder Addresses His “Grand Conspiracy” Statement to XRP Holders

Following his recent outburst on the SEC giving Bitcoin and Ethereum a free pass, Cardano founder Charles Hoskinson has shed light on his grand conspiracy statement to XRP holders.  

Cardano founder Charles Hoskinson has taken to the X (formerly Twitter) platform to clarify the meaning behind his grand conspiracy statement to XRP community members. 

XRP Holders React as Hoskinson Criticizes SEC Free Pass to ETH and BTC  

For context, XRP community members trolled the Cardano founder using his grand conspiracy remark after he criticized the United States Securities and Exchange Commission (SEC) for giving Bitcoin and Ethereum a complete pass. 

During his livestream, Hoskinson argued that while the SEC gave Bitcoin and Ethereum a complete pass, other digital currencies were unfairly considered securities. 

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He made the comment days after the SEC labeled ADA, the native token of Cardano, a security for the third time. So far, the SEC mentioned ADA as a security in its lawsuits against Coinbase, Binance, and Kraken. 

As expected, XRP community members criticized Hoskinson for expressing frustration over the SEC giving Bitcoin and Ethereum a free pass. 

They argued that Hoskinson now feels their pains after he once humiliated and called them “conspiracy theorists” for also criticizing the SEC’s free pass. 

Hoskinson Sheds Light on His Grand Conspiracy Statement 

In response, Hoskinson asserted that the grand conspiracy comment he made at the time was never about the free pass. However, the Cardano founder claimed the remark was about certain XRP enthusiasts who believed Ethereum founder Joseph Lubin bribed the SEC to go after Ripple. 

“The entire grand conspiracy statement is about Joe bribing the SEC to go after Ripple. Not the free pass,” Hoskinson noted. 

THE ENTIRE GRAND CONSPIRACY STATEMENT IS ABOUT JOE BRIBING THE SEC TO GO AFTER RIPPLE NOT THE FREE PASS. NOT THE FREE PASS. NOT THE FREE PASS.

For two fucking years we’ve been talking past each other. It’s beyond sanity.

— Charles Hoskinson (@IOHK_Charles) November 28, 2023

He emphasized that there is still no evidence proving that Lubin bribed the SEC to attack Ripple Labs. 

“You are utterly incapable of differentiating between the free pass argument and allegations of Consensys bribing the SEC to go after XRP,” he added while responding to a prominent XRP community member Mr. Huber. 

SEC v. Ripple Lawsuit 

In December 2020, the SEC sued Ripple for violating federal securities laws via the company’s sales of XRP. The development comes two years after former SEC director William Hinman declared BTC and ETH as non-securities. According to Hinman, the networks on which  BTC and ETH run are sufficiently decentralized. 

Meanwhile, a New York federal court ruled that XRP is not in and of itself an investment contract, as alleged by the securities regulator. 

Although the SEC initially requested for an interlocutory appeal which was denied, the commission did not challenge the part of the ruling that declared XRP a non-security.