Once, Charles Hoskinson pledged to never talk about XRP Cryptocurrency or the related lawsuit discussion, but a year later he spoke about XRP.
XRP is a popular Proof-of-Stake (PoS) consensus-based cryptocurrency. In December 2020, Ripple, a San Francisco-based blockchain firm, faced a lawsuit by the United States Securities and Exchange Commission (SEC) over the sale of more than $1 billion worth of XRP. The SEC also declared XRP an unregistered security token. The legal dispute between the SEC and Ripple continues, and recently, the SEC filed an appeal against a court ruling, aiming to prove that XRP is an unregistered security.
Cardano founder on XRP lawsuit
In December 2022, Cardano founder Charles Hoskinson shared his opinion on the legal battle between the SEC and XRP. For those comments, he was heavily criticised by the XRP community. Following this backlash, Hoskinson decided not to speak about XRP Cryptocurrency under any circumstances.
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However, in a surprising turn, the Cardano founder recently commented on the XRP lawsuit. In response to Ripple CTO Stuart Alderoty’s tweet regarding the latest development in the XRP case, Hoskinson mentioned that Alderoty might be ready to replace the Howey Test, which determines if an asset is a security, with a new “Ripple Test,” referring to Ripple’s ongoing legal battle with the SEC over XRP.
Cardano price action
At the time of publication of this report, the trade price of Cardano’s native token ADA is $0.35, a 5% increase over the last 24 hours.