- Legal expert says ETHGate hurts XRP price, XRP holders should care.
- He argued that the ETHGate theory contributes to XRP’s low value of around $0.60.
Former Ethereum Legal Adviser Steven Nerayoff has urged the XRP community to pay attention to the popular ETHGate theory, highlighting its impact on the price of XRP.
Nerayoff expressed this sentiment in a recent discussion with an XRP holder on the X platform using the pseudonym XRP_Krnboy, who argued the XRP army is unbothered about ETHGate.
Holders and investors dont give a shit about #ethgate. We need to settle and XRP to go up. Look at thr price what the fuck. Its $0.6 omg
— Xrp_Krnboy (@Krn_David) December 20, 2023
The argument ensued after Nerayoff revealed that he had filed a lawsuit against two crypto founders, Simon Yu and Arry Yu.
The lawsuit accuses them of colluding with the government to concoct charges that resulted in Nerayoff’s indictment years ago.
Also, the former Ethereum advisor asserted that he possesses substantial evidence, including voice recordings, demonstrating that Simon and Arry attempted to offer him additional tokens to silence him.
In response to the developments, XRP_Krnboy conveyed that the XRP community remains indifferent to ETHGate.
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He emphasized the need for Ripple to resolve its SEC lawsuit as a crucial step toward a potential upswing in XRP’s value.
Additionally, the X user voiced apprehension about XRP’s current price, noting its apparent stagnation around the $0.60 mark.
In counterpoint, Nerayoff, a proponent of ETHGate, articulated significant reasons why XRP holders should heed the theory.
He argued that the ETHGate theory is a pivotal factor contributing to XRP’s persistent confinement around the $0.60 range.
Furthermore, the former Ethereum advisor asserted that XRP holders should be vigilant about corruption extending beyond their tokens.
In his words: “More importantly, you should care about this level of corruption beyond your tokens if you care about living in a free society.”
For the uninitiated, ETHGate is a longstanding theory in the crypto community relating to the relationship between Ethereum founders and U.S. regulators.
Supporters claim that the Ethereum team cultivated connections with influential U.S. SEC officials that gave rise to an advantageous regulatory standpoint for Ethereum while other tokens faced lawsuits.
Furthermore, the proponents believe this alleged relationship played a role in former SEC director William Hinman’s 2018 declaration that Ethereum, like Bitcoin, should not be considered a security.
However, prominent crypto figures like the founder of Cardano, Charles Hoskinson, have constantly opposed the ETHGate theory.
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