XRP Co-Creator Posts Cryptic Message on Survival of Ripple Amid SEC Crypto Battle
XRP co-creator and CTO of Ripple, David Schwartz, just posted a cryptic message on Twitter.
The note appears to address the U.S. Securities and Exchange Commission’s lawsuit against Ripple, which alleges the company sold XRP as an unregistered security for years.
In his message, Schwartz takes a bird’s-eye view of Ripple’s journey to this point in time and says the company now has two choices – fight for what’s right or focus on survival.
“RIPPLE – When a scrappy financial startup takes on a web of corruption and betrayal to bring instant payments to the masses, they learn that the cost of disrupting the status quo is higher than they could ever have imagined, forcing them to decide between their vision and their survival.”
The SEC launched its lawsuit against Ripple in December of 2020.
The case remains in federal court, and Ripple ultimate decision to settle or let the courts decide will have a significant impact on the future of crypto in the US.
In court, Ripple’s legal team has said the lawsuit is centered on unprecedented and ill-conceived legal theory.
They argue the functionality, liquidity and distribution of XRP makes the asset wholly incompatible with securities regulations.
They also say a decision to label XRP a security would directly impair the crypto asset’s main reason for existence.
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Author: Daily Hodl Staff
