- The criticism of XRP made by Vitalik Buterin, didn’t sit well with David Schwartz.
- Buterin was making reference to Ripple’s legal defense in an ongoing case against the SEC.
According to David Schwartz, Ripple’s chief technology officer, who believes that eBay also creates BTC and ETH securities, cryptocurrency miners in the Ethereum and Bitcoin ecosystems are similar to eBay shareholders.
Ethereum co-founder Vitalik Buterin attacked XRP in a discussion that was sparked by the recent 30,000 Canadian dollar limit on altcoin purchases by two Ontario crypto exchanges, which excluded Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). David Schwartz didn’t take kindly to this.
In a tweet reply, Buterin praised the Ethereum community’s opposition to laws that favor ETH over other cryptocurrencies. In response to Buterin, David Hoffman, the creator of the decentralized media and education platform Bankless, stated that he wouldn’t have objected if they had restricted XRP.
XRP already lost their right to protection when they tried to throw us under the bus as “China-controlled” imo:https://t.co/t6cbMtjsEV— vitalik.eth (@VitalikButerin) August 17, 2022
When they attempted to throw us under the bus as China-controlled, Buterin joined in the XRP criticism, arguing they lost their right to protection. Twitter users who follow XRP experienced a flurry after Buterin’s remark, and later, Ripple CTO David Schwartz himself entered the discussion.
The Battle Continues
Buterin was referring to Ripple’s defense of their ongoing legal dispute with the US Securities and Exchange Commission (SEC), in which they claimed that XRP shouldn’t be classified as a security because Ethereum and Bitcoin are similar and are even known as the top two cryptocurrencies as managed by the Chinese. In response to the unauthorized sale and issuance of XRP tokens, the SEC has filed a safety complaint against Ripple.
Schwartz reaffirmed Ripple’s past comments that ETH and BTC were secure and compared ecosystem miners to eBay stockholders.
Schwartz stated :
do think it’s perfectly fair to analogize miners in PoW systems to stockholders in companies. Just as eBay’s stockholders earn from the residual friction in the middle of buyers and sellers that eBay does not remove, so do miners in ETH and BTC.
Ethereum’s safety standing became a hot topic during the ongoing legal procedures, where Ripple has asserted that the SEC has a clear bias against them and is in favor of Ethereum. In a 2021 interview, the CEO of Ripple, Brad Garlinghouse, asserted that the SEC had assisted Ethereum in overhauling XRP as the No. 2 cryptocurrency.