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What's the Deal With ETHgate?

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by COINS NEWS 108 Views

The basics of ETHgate, as far as I understand it, are that former SEC Chair Hinman gave ETH the non-security green light while going after other cryptos for being securities, most notably XRP. Though the SEC has lost the case against Ripple/XRP, they are still bringing the hammer down on others. This is suspicious because immediately after leaving the SEC Hinman joined the law firm Simpson Thatcher, which is connected to the Ethereum Enterprise Alliance. It's also alleged that Hinman consulted with Vitalik Buterin, the co-founder of ETH, to "understand the operational dynamics of Ethereum."

Now, Cardano's co-founder Charles Hoskinson claims that Hinman's actions don't point to corruption. Rather, the SEC was playing favoritism, as if this was some sort of defense. David Schwartz, Ripple’s Chief Technology Officer fired back saying that a government department playing favorites is the definition of corruption.

Isn't saying the SEC played favorites, an admission of corruption?

submitted by /u/ChucklesFreely
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