CTO Ripple Claims that XRPL is permissioned or semi-permissioned are denied by David Schwartz.
Ripple wins in a legal battle that lowers $2 billion in SEC fines to $125 million.
After Ripple's legal victory, XRP's value increased by 25%, which improved shareholder trust.
Chief Technology Officer of Ripple David Schwartz used social media to eliminate recurrent rumours concerning the XRP Ledger (XRPL). Schwartz responded to assertions that XRPL was classified in several documents as "permissioned," "semi-permissioned," or "trusted." He vehemently disagreed, calling these depictions untrue.
Expliciting the Decentralised Character of XRPL
Schwartz emphasized that the XRP Ledger operates without central control. It uses a consensus protocol managed by independent validators. This method ensures that all valid transactions are processed efficiently. The protocol also solves the double-spend problem, a common issue in digital transactions where the same currency could be spent more than once.
https://twitter.com/JoelKatz/status/1824713061921591357
He went on stating that while blockchains may address the double-spend problem in different ways, the focus should be on the fact that the problem is resolved. This underscores the decentralized nature of XRPL, which contradicts the descriptions suggesting otherwise.
Ripple’s Legal Victory and Its Impact
Ripple also celebrated a significant legal victory. A court ruling greatly reduced the fines and penalties originally sought by the Securities and Exchange Commission (SEC). The SEC had demanded $2B in fines, but the court cut this to $125 million. Ripple’s CEO, Brad Garlinghouse, described the ruling as a major win that eases Ripple’s financial burden.
Co-founder Chris Larsen shared his relief, seeing this decision as a shift in the SEC’s approach to regulating cryptocurrency. This victory benefits Ripple and has broader implications for the entire cryptocurrency community. It is seen as a pushback against strict regulatory measures.
Market Response to Ripple’s Legal Success
Ripple’s regulatory win sparked a strong financial reaction. The native crypto of the XRP Ledger, XRP, saw a 25% increase in value after the announcement. This increase reflects positive investor opinion and renewed confidence in XRP. It also highlights how legal outcomes, governmental actions, and crypto values are closely connected.
The distributed nature of the XRP Ledger and its consensus system remain vital to Ripple's operations even as it continues to face legal and oversight obstacles. These recent developments show the importance of clear interaction and understanding of blockchain technology.
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