Ripple’s Trillion Dollar Man, David Schwartz, has disagreed with crypto-billionaire and co-founder of Gemini over the exchange’s failure to list XRP.
May 1st, an XRP enthusiast by name Galgitron, condemned Gemini Exchange’s decision to keep XRP token out of its baskets of listed cryptocurrency.
Galgitron called the attention of the Security and Exchange Commission (SEC) to Gemini’s action, claiming the decision of the exchange to not list XRP despite adding some low-cap cryptocurrency affirms that it engages in “clear market manipulation”.
He said he forwarded the complaint to the SEC because he believes the commission will have jurisdiction over crypto eventually.
Responding to the complaint, Tyler Winklevoss, one of the co-founders of Gemini, said the XRP army tagged SEC in the “dumb trolls” because they are confirming that Ripple is a security.
Ripple’s David Schwartz Condemns Winklevoss’s Gemini
Upon seeing the comment by Gemini’s co-founder Tyler Winklevoss, Ripple Chief Technical Officer, David Schwartz said the he could not fathom how Tyler jumped from “SEC has jurisdiction over market manipulation” to “Ripple is a security”.
Then, Schwartz also branded the complaint fired by Galgitron, an ardent XRP lover, as “pretty dumb”.
That's quite a leap there. I'd like to hear you flesh out how exactly you get from "SEC has jurisdiction over market manipulation by a crypto exchange that lists lots of low-cap coins but not XRP" to "Ripple is a security".
— David Schwartz (@JoelKatz) June 6, 2020
Ripple & XRP Go Through the Most Virile of Condemnations
Ripple and XRP token do go through the most virile of condemnation in the crypto space. One, different crypto users do complain that XRP was created to enrich the pockets of its creators and some selected few. At some other point, the same people believe XRP is a security.
These have been the stand of the likes of Bitcoin maximalist Tone Vay, Gemini’s Winklevoss, and some others.
Most of them hold that XRP would be declared security since Ripple is battling two class-action lawsuits related to this claim.
However, Ripple employees believe Ripple is a different entity and should not be mixed with the XRP token that was created to eradicate hassles related to cross-border payments.
Different accusations targeted at XRP and Ripple Labs Inc. focused on these aspects and with the expectation that Ripple will be made a security.
However, Ripple CEO Brad Garlinghouse continues to suggest that XRP be handle distinctly, as Ripple and the cryptocurrency holders are ready for crypto regulations that favor cryptocurrency as they are willing to follow the compliance rules and regulation laid by governments across the globe.
Brad once advised regulators not to paint every cryptocurrency with a broad brush. He claimed that while some crypto ecosystems are known for fraud and other illegalities Ripple is ready to be regulatory compliant and does not pray for a situation where every crypto idea is treated in the same manner.
Recently, Brad suggested that the US races to go ahead of China in blockchain adoption to enable the country take the lead in crypto regulations.