NAIROBI (Coinchapter.com) – In a heated debate, Ripple CTO David Schwartz and Cardano founder Charles Hoskinson locked horns over the contentious “ETH Gate” theory. The controversy revolves around the U.S. Securities and Exchange Commission (SEC) ‘s alleged favoritism towards Ethereum over other cryptocurrencies, particularly Ripple’s XRP.
The ETH Gate debate flared up again during a recent X Spaces event featuring Hoskinson. He outlined two distinct narratives surrounding the theory. The first suggests that Ethereum officials have forged connections with SEC staff to secure preferential treatment. The second, more controversial narrative alleges that Ethereum actively influenced the SEC to pursue legal action against Ripple and XRP. Hoskinson firmly dismissed this second narrative as a conspiracy theory, emphasizing a lack of supporting evidence.
Cardano Founder Dismisses Conspiracy Claims
Hoskinson firmly dismissed claims that the Ethereum community bribed the SEC to instigate legal actions against Ripple and XRP, labeling such allegations as mere conspiracy theories lacking substantial evidence. The Cardano founder emphasized that no credible proof supports the notion of Ethereum actively plotting to “eliminate” its competitors.
“No, getting a thicker skin isn’t a valid comment here. Endless and vile harassment is never ok, and communities that do it, condone it, and excuse it away will always fail.”
Hoskinson asserted
Ripple CTO Schwartz, however, remained unconvinced, raising questions about the potential influence of former SEC official William Hinman, who had financial interests in Ethereum. He questioned whether Hinman’s affiliation with Simpson Thacher & Bartlett, a firm focused on marketing Ethereum as an enterprise solution, could have played a role in shaping regulatory decisions.
“So, was Hinman not intimately involved? Did he not have a financial interest in Ethereum? Did he recuse himself? Or is that not evidence for some reason?”
Schwartz challenged.
Descending Triangle Hints at Potential Breakout
According to recent data from TradingView, Cardano (ADA) is currently trading at $0.454035. Its market capitalization stands at $16.18 billion, with a 24-hour trading volume of $282.22 million. While the price has experienced a slight decline of 3.42% in the past 24 hours, its circulating supply remains at 35.64 billion ADA.
ADA/USD is locked in a descending triangle pattern on the 1-day chart, with potential breakout signs emerging. The price is hovering near crucial support at $0.43. If this level fails to hold, analysts anticipate a breakout from the triangle, potentially driving ADA towards resistance at $0.52.
The Relative Strength Index (RSI) currently stands at 36, which signals that sellers are in control. This could potentially push the price towards the support level, and buyers may regain momentum after that.
Amid the ongoing debate, Cardano’s active addresses have shown a notable decline. As of the current data, they stand at 20,402, reflecting an 8.85% decrease compared to the previous 7 days and a substantial 27.41% drop from 30 days prior.
Recent decreases in Cardano’s active addresses (-8.85% in the past week, -27.41% in the past month) could suggest some investor caution amid the regulatory debates. However, the substantial transaction volume of $10.8 billion indicates continued network usage and adoption.
