Hoskinson Publicly Targets Ripple CEO... "Supporting Market Structure Law is for Their Own Benefit"

▲ Charles Hoskinson, Brad Garlinghouse/AI Generated Image

Cardano founder Charles Hoskinson publicly criticized Ripple CEO Brad Garlinghouse. Hoskinson argued that the bill supported by Garlinghouse was for Ripple's benefit alone, not for the entire industry.

The crypto media outlet The Crypto Basic reported on May 1 (local time) that Hoskinson stated this via X (formerly Twitter). Hoskinson claimed, "The U.S. crypto market structure bill (CLARITY) promoted by Ripple creates a regulatory environment favorable only to XRP," and "Garlinghouse is lobbying in Washington to solidify Ripple's legal status."

Hoskinson warned, "If the crypto market structure bill passes, projects other than Bitcoin (BTC) and Ethereum (ETH) could suffer." He specifically expressed concern that proof-of-stake based assets, including Cardano, are at high risk of being classified as securities. This is a criticism that Ripple is exploiting the regulatory uncertainty of other projects to stabilize its own business.

Garlinghouse has long advocated for the need for the U.S. crypto market structure bill for market clarity. In response, Hoskinson emphasized that Ripple's actions are selfish, damaging the value of the entire ecosystem. He raised concerns that a specific company is trying to gain a monopolistic position by compromising with regulators.

This war of words revealed differing perspectives within the crypto industry. Ripple and Cardano are top market cap projects, but they are clashing over their approaches to regulation. Industry experts believe that such internal conflicts could send inconsistent messages to regulatory authorities. The conflict of interest between projects is escalating into a power struggle over bill provisions.

As crypto regulatory legislation takes full swing, conflicts of interest are expected to intensify. The detailed provisions of the U.S. crypto market structure bill are key variables that will determine the future market landscape. Each project is continuing its policy competition to find common ground between its own survival and the interests of the industry as a whole.

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