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<h2 id="header-0">Charles Hoskinson, the founder of Cardano, clarifies his position in the SEC vs. Ripple controversy after the XRP community discovers previous statements he made criticising Ripple and XRP.</h2>He thinks that since most Layer-1 protocols are useful, decentralised, and satisfy the Howey Test, they aren&#39;t securities. The SEC or CFTC cannot effectively regulate the cryptocurrency market since there is no legal or regulatory structure in place.Charles Hoskinson Charges Lack of Crypto Laws on Legislative BodiesCharles Hoskinson, the founder of Cardano, clarified his position on Ripple, XRP, and the SEC in a series of tweets on October 8. The XRP army chastised him for making statements about Ripple after he had already asserted that the XRP community seeks to fabricate a plot of corruption involving the SEC and Ethereum insiders. Since most Layer-1 protocols are useful, decentralised, and satisfy the Howey Test, according to Charles Hoskinson, they aren&#39;t securities.According to Hoskinson, the cryptocurrency sector is not immune to laws and regulations. &#34;Stable, well-functioning, trusted actors monitored, and cartels analysed&#34; are all requirements for a market. Contrarily, commodity regulation is based on standards, markets, and widespread acceptance.The ecosystem of Ripple, led by CEO Brad Garlinghouse, co-founder Chris Larsen, and CTO David Schwartz, is also resilient. In fact, the fact that an independent XRP army is denouncing him shows how widely used it is. The XRP Ledger is also decentralised and has a long lifespan. Attacking current and past government officials, Bitcoin for energy consumption or Chinese influence, and individual corruption that has nothing to do with the Howey Test is therefore ludicrous. Furthermore, suggesting that the SEC should sue Ethereum doesn&#39;t address the bigger problems with cryptocurrencies.Charles Hoskinson accuses legislative entities of failing to pass crypto laws and address problems. Due to the absence of specialised crypto rules, the regulators SEC and CFTC are just following existing laws. Most likely in 2023, new legislation will be implemented.XRP Price IncreasesAs the commodities evaluates Ripple&#39;s victory in the action against the SEC and the Hinman documents become crucial for the summary judgement, the price of XRP has risen. In the previous day, <a href="https://www.coingabbar.com/en/crypto-currency/ripple-xrp-prices-usd" rel="noopener noreferrer nofollow">XRP</a> increased by more than 8%, reaching a high of $0.52.Charles Hoskinson has said that this year saw new milestones for the XRP and ADA programmes. The ODL capabilities of Ripple have increased 9 times. Cardano observed the installation of the Vasil hard fork in the background. The price of ADA is presently $0.42.

In SEC vs Ripple, Cardano founder clarifies his position

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