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Ripple CTO David Schwartz has entered a spirited discussion after Custodia Bank CEO Caitlin Long denounced Ripple, the XRP Ledger (XRPL), and its stablecoin RLUSD in a podcast excerpt disseminated on X. Long challenged XRP’s decentralization, compared Ripple’s early financing method to an ICO, and contended the blockchain has not met its acceptance objectives among banks and other organizations. Her comments prompted immediate pushback from XRP community member Vet, who contested her assertions, leading Schwartz to propose a direct, fact-driven dialogue with Long.
Caitlin Long Critiques Ripple And XRP
Caitlin Long, CEO of Custodia Bank, expressed her thoughts candidly on Ripple and XRP during a recent episode of the Gold Goats ‘n Guns podcast. In her statements on the podcast, Long remarked that Ripple’s initial funding strategy, which she labeled as the inaugural ICO, has indefinitely impaired institutional confidence in XRP. She mentioned that Ripple has been in operation longer than many blockchain initiatives but hasn’t made considerable strides in supplanting conventional banking systems like SWIFT.
Based on her observations, the organization’s decision to launch RLUSD via its own regulated financial frameworks signifies a noteworthy shift from depending exclusively on the XRPL as a global settlement mechanism. While she acknowledged that U.S. regulatory pressure under the Biden administration has influenced Ripple’s activities, she insisted that the foundational network was improbable to evolve into the cornerstone of international transactions.
Given this context, Long anticipated that when the U.S. Treasury ultimately selects a blockchain for tokenizing T-bills, it will likely favor Ethereum over Ripple due to the former’s advancement and superior assimilation.
XRP Community And CTO Respond
Her remarks triggered a comprehensive rebuttal from notable XRP community member Vet, who dismissed Long’s assertions as misguided. As stated by Vet, Ripple never executed an ICO, XRP held no value at its inception, and all 100 billion tokens were generated within a genesis account. Vet also supported the XRPL’s decentralization, referencing over 1,000 nodes and more than 100 independent validators operated by individuals and enterprises globally.
He pointed out that Ethereum, in contrast, was launched via an ICO. Furthermore, Vet underscored Ripple’s ongoing implementation of the XRPL in its payment solutions and that RLUSD is issued on the ledger. He highlighted an increase in business applications, continuous technical enhancements, and the XRPL’s historic significance as the first blockchain featuring a native decentralized exchange and tokenization capabilities.
Following Vet’s reply, David Schwartz also took to X to directly address Caitlin Long’s allegations. While he acknowledged that the community member had already provided “some basic ones” to initiate the factual discourse, the Ripple CTO invited Long to an open dialogue regarding Ripple, RLUSD, the XRPL, and XRP.
Featured image from Unsplash, chart from TradingView
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