Cardano’s Charles Hoskinson May Fear Repercussions for ADA if SEC Deems XRP a Security
Cardano founder Charles Hoskinson has clarified his views on the dispute between SEC and Ripple, saying that contrary to what the XRP community thinks, he was not against the project. In a Twitter thread, Hoskinson explained that his position on most Layer 1 protocols is that they are not securities as long as they offer utility.
They are decentralized enough to have operators worldwide survive their founders. He considers Ripple’s XRP a commodity by this definition, saying it passes the Howey test. He added the fact that an XRP Army independent of the Ripple founders is criticizing him is proof that it is a commodity. In his view, it should be based on the fact that it is absurd to apply “securities regulation to something that has millions of independent participants in more than a 100 countries who cannot be controlled by any fiduciary of a single company.”
Source
https://t.me/Cronos_Cardano_Ripple
