Ripple CTO Emeritus David Schwartz has addressed renewed criticism of the relationship between Ripple and XRP. He responded directly to arguments that the company is unfairly benefiting out of the sale of tokens.
Ripple’s David Schwartz Responds To Allegations Around XRP Sales
The debate started on X when one user asked why the retail participants are unable to get equity in Ripple itself instead of XRP. “The one issue I have with Ripple, let us have access to the ripple stock NOW or you are just selling us a coin for your company’s profit,” the post read.
Schwartz disagreed with the narrative. He spotlighted regulatory obstacles related to conventional equity markets and dismissed claims of selling XRP for the company’s profit. “There really is no practical way for Ripple to do that under the law,” he said.
“Ripple stock is, without doubt, a security,” Schwartz added. The statements have garnered attention, especially after he previously expressed disbelief over predictions of XRP price surging to $10,000.
Schwartz further said that those who wanted to have access to the company’s stock can do so via secondary markets. He wrote, ““If you want direct exposure to Ripple’s success or failure, you can buy Ripple stock on the secondary market if you qualify under US law. But you probably shouldn’t.”
The trade also brought out the common comparisons that were made between XRP and Ripple equity. In response to the question of what his personal preference in terms of asset is, Schwartz remarked on the difference between their roles. “They’re just very different things,” he said.
Schwartz Reveals Holding Massive XRP Stash In Past
In addition to responding to criticism, Schwartz provided a seldom seen glimpse into his own holdings of cryptocurrencies. While answering questions related to his XRP position, he said, “My idea of not a lot is still more than a million.”
At that point he disclosed that his possessions had been much greater in the past. “I once had 26 million XRP,” the Ripple CTO Emeritus revealed.
The discussion went on to mention other figures with Ripple, such as co-founder Arthur Britto. Schwartz admitted that he had very little information about Britto’s current strategy but remembered some remarks in the past about asset management.
“I vaguely remember him saying that he’s been selling Bitcoin to cover expenses and hadn’t sold any, or very little, XRP,” Schwartz stated.
Previously, he shut down claims of a ‘secret plan’ involving Ripple and the possibility of conspiracy theories.
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Source: https://coingape.com/ripple-former-cto-breaks-silence-on-allegations-of-selling-xrp-for-company-profit/
