Ripple CTO David Schwartz has joined a heated debate after Custodia Bank CEO Caitlin Long criticized Ripple, the XRP Ledger (XRPL), and its stablecoin RLUSD in a podcast clip shared on X. Long questioned XRP’s decentralization, likened Ripple’s early funding to an ICO, and argued the blockchain had fallen in need of its adoption objectives amongst banks and different establishments. Her remarks drew fast pushback from XRP group member Vet, who disputed her claims, prompting Schwartz to ask Long to a direct, fact-based dialogue.
Caitlin Long Criticizes Ripple And XRP
Caitlin Long, CEO of Custodia Bank, didn’t maintain again in her view of Ripple and XRP in a current episode of the Gold Goats ‘n Guns podcast. In her remarks within the podcast, Long famous that Ripple’s early funding mannequin, which she described as the primary of the ICOs, has completely hindered institutional belief in XRP. She mentioned Ripple had been energetic longer than most blockchain initiatives however had not made vital progress in changing conventional banking methods like SWIFT.
According to her, the corporate’s transfer to situation RLUSD by its personal regulated monetary entities is a notable pivot away from relying solely on the XRPL as a worldwide settlement layer. Although she acknowledged that US regulatory stress below the Biden administration had affected Ripple’s operations, she maintained that the bottom layer community was unlikely to turn out to be the spine of worldwide funds.
With this in thoughts, Long predicted that when the US Treasury finally decides on a blockchain for tokenizing T-bills, it should most probably select Ethereum over Ripple because of the former’s maturity and higher adoption.
XRP Community And CTO Fire Back
Her feedback prompted an in depth rebuttal from outstanding XRP group member Vet, who dismissed Long’s claims as misinformed. As famous by Vet, Ripple by no means performed an ICO, XRP was nugatory when it was created, and all 100 billion tokens have been created in a genesis account. Vet additionally defended the XRPL’s decentralization, pointing to over 1,000 nodes and greater than 100 unbiased validators run by people and companies worldwide.
He famous that Ethereum, however, was launched by way of an ICO. In addition, Vet highlighted Ripple’s continued integration of the XRPL in its fee merchandise and the truth that RLUSD is issued on the ledger. He cited rising enterprise use instances, ongoing technical amendments, and the XRPL’s historic position as the primary blockchain with a local decentralized trade and tokenization capabilities.
Following Vet’s response, David Schwartz additionally took to X to straight handle Caitlin Long’s claims. Although he famous that the group member had already offered “some fundamental ones” to begin the factual dialogue, the Ripple CTO invited Long to an open dialog about Ripple, RLUSD, the XRPL, and XRP.
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