The leader of Cardano (ADA-USD) is firing back against critics in a heated debate over new crypto laws. Charles Hoskinson released a video addressing the backlash he has received from the XRP (XRP-USD) community regarding the Clarity Act.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
In the video, Hoskinson stated that he is dealing with a group that is “lacking critical thinking” and is “driven by years of narratives and propaganda.” He argues that the push for this specific legislation is not about clear rules for everyone, but rather about “shaping the rules to shape the winners.”
He noted that this makes it nearly impossible to have a technical discussion about the law. He explained that many people are simply “clinging to a narrative” because they want to see the price of their assets go up, regardless of the regulatory cost to the rest of the industry.
Regulatory Moves Create an Unfair Advantage
The debate is also getting personal as critics claim Hoskinson is simply envious of his rivals. Some have pointed to the large sums of money spent by Ripple to fight the SEC as a point of pride.
Hoskinson addressed these claims directly in the footage. He mentioned that people keep telling him, “you’re just jealous of the $200 million dollars they spent.”
However, he argues that the real issue is how the Clarity Act would treat new projects compared to established ones. He believes the industry is moving toward a system of “shaping the rules to shape the winners,” which would make it harder for anyone new to enter the space without being labeled a security from day one.
Ripple ‘Gave Itself a Mammoth Pre-Mine’
The final part of the video looks at the financial reality behind these legal battles. Hoskinson pushed back against the idea that other projects should have chipped in to help Ripple during its lawsuit.
Hoskinson noted that “The Ripple organization gave itself a mammoth pre-mine,” which provided them with tens of billions of dollars in resources. He added that because of this, “They didn’t need any money” from the broader community. He compared this to Cardano, where he “didn’t give [himself] 70% of the ADA supply,” reinforcing his view that decentralized projects should not be held responsible for funding the legal defenses of centralized entities.
At the time of writing, XRP’s price is sitting at $1.3932.
