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- Ripple CTO David Schwartz and XRP community member Vet denied claims that XRP was launched through an ICO, clarifying that the entire 100 billion supply was placed in the Genesis ledger at launch.
- XRP advocates, including pro-Ripple lawyers, defended the company against lobbying allegations and underscored Ripple’s strong financial position.
Ripple’s latest move to secure a license for ‘National Trust Bank‘ has ruffled feathers as Custodian Bank CEO Caitlin Long slammed the blockchain firm, citing inefficiency. Responding to it, Ripple CTO David Schwartz came forward to clarify facts about his firm and the progress made with RLUSD stablecoin, XRP Ledger, and XRP.
He said that he would be open to further discussions with Long, if needed.
Ripple CTO Comes Clean On XRP ICO Claims
In a recent podcast, Custodia Bank CEO Caitlin Long said platforms like Bitcoin and Ethereum are better suited for asset tokenization. As per Long, BTC and ETH had minimal capital requirements at launch, unlike Ripple’s XRP, which was distributed to investors via an Initial Coin Offering (ICO).
Long also questioned Ripple’s limited progress in replacing legacy systems like SWIFT, despite its long-standing presence in the financial sector. Furthermore, with Ripple working to launch its RLUSD stablecoin on Ethereum, Long believes that XRP Ledger may no longer be viewed as the foundational infrastructure Ripple once promoted. Apart from crypto players, Ripple is also facing backlash from 42 US banks, as mentioned in our previous post.
XRP community members have jumped in to clear the air on Long’s position about the Ripple cryptocurrency. Vet, founder of XRP Cafe, clarified that XRP was not launched through an initial coin offering. He stated that the token’s initial price was zero, and the Ripple team placed the entire 100 billion supply in the Genesis ledger account at launch.
Vet also pushed back against accusations that the XRP Ledger is centralized. He described such claims as either misinformed or stemming from a lack of technical understanding. He also highlighted the network’s openness, noting that anyone can participate by running a validator or forking the codebase.
As of now, the XRP Ledger supports over 1,000 nodes and more than 100 validators operated by independent businesses and individuals. Responding to this, Ripple CTO David Schwartz said:
Caitlin Long I’m available whenever you want to chat about the facts about Ripple, our stablecoin RLUSD, the XRP Ledger and its native token XRP.
Pro XRP Lawyers Slam Lobbying Allegations
The crypto community remains divided on recent allegations from Caitlin Long. One X user Jungle Inc. Crypto said that Long’s Custodia Bank has been looking to get a Fed Master Account since 2020. He added that Ripple’s lobbying efforts with the Fed have helped it gain traction. Responding to this, XRP lawyer Bill Morgan wrote:
Custodia Bank has to buy Crypto for the balance sheet. Ripple has over a $100 billion in escrow and can at today’s XRP price can release $3 billion worth per month That is power.
Amid all these developments, the XRP price has been flirting with $3.0 as of now, with bulls confident of a rally towards $5, as reported by CNF. However, there’s a tough fight between the bulls and bears as of now, with daily trading volumes dropping 25% to $4.2 billion.
