Hoskinson Publicly Slams Ripple CEO... "Supports Market Structure Act for Their Own Benefit"

▲ Charles Hoskinson, Brad Garlinghouse/AI-generated image

Cardano founder Charles Hoskinson publicly criticized Ripple CEO Brad Garlinghouse. Hoskinson claimed that the bill Garlinghouse supports is for Ripple's benefit alone, not for the entire industry.

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

Hoskinson warned, "If the cryptocurrency market structure bill passes, projects other than Bitcoin (BTC) or Ethereum (ETH) could be harmed." He particularly 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 using the regulatory uncertainty of other projects to stabilize its own business.

Garlinghouse has long argued for the necessity of the U.S. cryptocurrency market structure bill to bring clarity to the market. In response, Hoskinson emphasized that Ripple's actions are selfish and undermine the value of the entire ecosystem. He raised concerns that a specific company is attempting to gain a monopolistic position by compromising with regulators.

This verbal spat revealed differences in perspective within the virtual asset industry. Ripple and Cardano are top-tier market cap projects but are clashing over their approaches to regulation. Industry experts believe that such internal conflicts could send inconsistent messages to regulators. The conflict of interest between projects is escalating into a power struggle over bill provisions.

As virtual asset regulatory legislation gains momentum, conflicts of interest are expected to intensify. The detailed provisions of the U.S. cryptocurrency market structure bill will be a key variable determining the future market landscape. Each project is continuing its policy competition to find common ground between its own survival and the interests of the entire industry.

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