Ripple CTO vs Ethereum co-founder controversy over XRP nature
David Schwartz said that Vitalik should understand that Ripple is a company and XRP is a digital asset.
Ripple is a San Francisco-based fintech company that uses XRP coin global trade liquidity to provide cross-border payment services for small & big businesses in the world. In the present time, Ripple is in a legal hurdle because of a lawsuit, filed by the US Securities regulatory body over the nature of the XRP coin.
On 20 Dec, Vitalik Buterin, co-founder of Ethereum blockchain, appeared in an interview with Bankless Show and targeted a past statement from the Ripple team.
Vitalik said that Ripple is “still completely centralised” and also “A project in the crypto space needs to have some kind of chain data structure somewhere”.
Further Ethereum co-founder said that XRP so far to this date never said sorry for the statements that Bitcoin and Ethereum are Chinese-controlled assets.
David Schwartz, CTO of Ripple, responded to this statement of Vitalik and said that probably Vitalik doesn’t understand that Ripple & XRP are both different things, where Ripple is a company & XRP is a digital coin.
BTC & ETH are Chinese controlled
In Dec 2020, The United States Securities and Exchange Commission (SEC) initiated a lawsuit against Ripple labs & its CEO Brad Garlinghouse and co-founder Chris Larsen in federal court.
Through the lawsuit, the SEC claimed that the XRP coin was a security that would be registered with the SEC agency.
To defend Ripple Labs & its officials from the lawsuit action, Ripple company stated that if the U.S. Securities and Exchange Commission deems its token to be an investment contract — the regulator would cede innovation in cryptocurrency to China, which controls Bitcoin (BTC) and Ethereum (ETH).
If we examine the whole situation then we will find that Ripple company was not trying to say that Bitcoin & Ethereum assets were centralised, instead, they were trying to prove that anyone can support digital assets & can use them in their way.
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