Vitalik Buterin is not one to keep quiet when statements that seem to cause controversy is uttered over ETH. In the past, the outspoken co-founder blasted some people who made some distrusting statement on the cryptocurrency and now is no different. He showed his dissatisfaction with the Ripple team, who implied that the Chinese government controlled Bitcoin and Ethereum.
Some rumors surrounding China and world domination made US-based crypto-related companies defensive against such accusations. The second-largest cryptocurrency in the world, second only to Bitcoin, has a large market and board members fear untrue statements like that could affect its US-based investors.
Vitalik draws statement from Ripple article
The Ripple team released an article titled ‘Ripple’s Wells Submission.’ The report has some assertions that instigated the crypto space, with statements that some refer to as false. XRP, who is facing some legal issues with SEC, after the authority claimed that Ripple’s executives sold unregistered tokens to customers, making them vulnerable and depriving them of some rights.
Ripple posted the article recently in a bid to attract new investors to the firm. In the article, the firm claimed that the two largest cryptos in the world shared similarities with XRP but that the latter was a better choice. The team explained that XRP was a better choice because China could not control it based on its structure. The fintech company claims that it was not an investment contract and did not need to register under the SEC.
Similarly, the article had some part which revealed that China could easily control BTC and ETH because of the simple majority rule they operate. The firm also claimed that XRP has more resistance against control by any region based on its prevention of comparable centralization.
Why XRP is a better alternative, according to the Ripple team
The team declared that the open-source nature of XRP gets it a broad range market. The assertion continued when Fintech stated that Bitcoin and Ethereum are not securities, following an SEC’s supposed claim. Vitalik countered that Ripple was strange.
He also wondered why its coin had not been named a security because of “public policy reason.” XRP is facing a difficult time, following its suit. Its prices are continually dropping and refusing to stabilize. The US securities regulatory body usually wins its cases against defaulting firms, and many sources believe that it could also win this one.
The team argued that SEC was wrong as a matter of fact and law. They also claimed that XRP was an actual cryptocurrency and need not be registered as a security. The company has faced numerous backlash and lawsuits from its claims, but it seems unshaken.
Vitalik called XRP a “shitcoin” to drive home his claim via his Twitter handle. Over the past three years, XRP has not changed in market price, causing worry for significant investors. The crypto space hopes XRP would stay afloat even after the lawsuit, which the community predicts would reduce the company’s financial stance.