Ethereum inventor Vitalik Buterin argues that the Ethereum community does not need to support XRP. Here are the details…
Vitalik Buterin says Ethereum supporters have a bid for XRP
Ethereum founder Vitalik Buterin stated in a tweet today that he believes Ethereum supporters have no obligation to speak up to support or defend XRP. He recalled how Ripple named the firm Ethereum in its legal battle with the SEC in December 2020. At the time, Ripple referred to ETH as “Chinese-controlled”. This was voiced while talking about other cryptocurrencies during the court proceedings that began when the US Securities and Exchange Commission (FED) claimed that XRP was a security.
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
“XRP has already lost its right of protection when it tried to throw us under the bus by saying ‘it is under Chinese control’,” Buterin said. Buterin’s remarks came with the emergence of new Canadian crypto regulations that limit the value of cryptocurrencies that crypto citizens in certain regions can buy in a year to $30,000. Specifically, this new directive excluded Bitcoin, Ethereum, Bitcoin Cash and Litecoin from the above restriction. But he called Solana a restricted cryptocurrency.
Glad to see Ethereum people pushing against regulations that privilege ETH over other legitimate cryptocurrencies.
(I have not dug into the details of what specifically is going on and to what extent it's a gov thing vs a compliance decision of one business, but either way…) https://t.co/NDYPh5rqsk
— vitalik.eth (@VitalikButerin) August 17, 2022
Responding to protests against Trustless founder David Hoffman’s new rule, Buterin praised the known Ethereum supporter for supporting what he calls other legitimate cryptocurrencies even when the issue poses no risk to Ethereum. “I am pleased to see Ethereum people opposing regulations that privilege ETH over other legitimate cryptocurrencies,” Buterin said. However, Hoffman stated that he would not say anything if the restricted cryptocurrency was XRP. Buterin seemed to approve of him with his now controversial statement.
What does the XRP community say about it?
Notably, Buterin’s statement was met with responses from several influential Ripple and XRP community members. For example, Ripple CTO David Schwartz claimed that Ethereum has formed a habit of approving government actions against other projects because projects disagree with their narrative. He also stated that the basis of Ripple’s argument at the time was that most Bitcoin and Ethereum miners reside in China. They continued to compare miners with company shareholders, subject to Chinese policy controls.
"The goverment should punish projects that disagree with our narrative" seems pretty on brand for ETH.
— David "JoelKatz" Schwartz (@JoelKatz) August 18, 2022
On the other hand, Ripple Attorney Jeremy Hogan quoted Buterin’s tweet. He compared the statements of the Ethereum founder to those of a mob. Meanwhile, Attorney John Deaton, who represented XRP holders in amicus curiae status in Ripple’s lawsuit with the SEC, noted that Buterin’s statements were insensitive to XRP holders. According to Deaton, several XRP holders not affiliated with Ripple did not know the firm. But he lost his savings due to the “excessive actions of the SEC”.
Am I getting old or is Vitalik too young to be a Mafia Don? https://t.co/KoPjcBKbAK
— Jeremy Hogan (@attorneyjeremy1) August 18, 2022
I’ve brought up things like Vitalik getting the exchanges to halt trading but always said he had good intentions. Vitalik should I send you emails of people financially devastated by SEC’s overreach? People who’ve never heard of Ripple have had their XRP and life savings frozen. https://t.co/AowoxZ9vx3
— John E Deaton (212K Followers Beware Imposters) (@JohnEDeaton1) August 18, 2022
Ripple’s legal battle with the SEC
The SEC accused Ripple of raising money by selling an unregistered security, XRP. Therefore, as we have also reported as Cryptokoin.com, Ripple has been in a legal battle since 2020. In particular, the firm has made significant gains in litigation. Many are waiting for a victory for Ripple. In addition, there does not seem to be any lost love between the firm and the Ethereum community, while receiving significant support from the crypto community.
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