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On Saturday (October 8), Charles Hoskinson, who is Co-Founder and CEO of IO Global (aka “IOG”, formerly known as “IOHK”), shared his latest thoughts on crypto regulation in general and the U.S. SEC’s lawsuit against Ripple Labs in particular.
As you may remember, on 22 December 2020, the SEC announced that it had “filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
Well, earlier today, Hoskinson took to Twitter to explain his stance on how cryptoassets should be regulated in the U.S. and to make it clear that he does not believe that XRP is a security:
“Recently, the most surprising thing to me has been how hard I’m being hit by some on the XRP side for my recent comments on their SEC issues. I’ve always been of two minds here and I guess some nuance is required to explain, which the internet always lacks… I’ve always taken a position that most layer 1 protocols aren’t securities because it’s bizarre and senseless to consider something that offers utility, is decentralized enough to have operators and builders throughout the world, and survives its founders passing Howie…
“People speculating on oil doesn’t make oil a security anymore so than baseball cards. You can always securitize oil or baseball cards, but then you have obvious issuers and information asymmetries… Cryptocurrencies aren’t immune to regulation. Markets need to be stable, well-functioning, trusted actors monitored, and cartels examined. Commodity regulation is principles based, market oriented, and global by nature. Commodities survive those who aggregate them…
“Ripple created something that has an ecosystem that will survive Brad, Chris, David or anyone else. The very fact that there is an independent XRP army criti
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