Behind Ripple’s Strategy: Schwartz Addresses XRP Sales Transparency
The post Behind Ripple’s Strategy: Schwartz Addresses XRP Sales Transparency appeared first on Coinpedia Fintech News
After the SEC asked Ripple to present its financial data, the company faced a lot of speculation on its sales strategy change to keep the regulations in check. In response to such claims, David Schwartz, Ripple’s Chief Technology Officer (CTO), recently addressed allegations that Ripple was seeking to conceal its sales of XRP from the public. In X discussions, Schwartz denied these claims, saying that Ripple could easily hide its XRP sales on exchanges if it wanted to.
Ripple CTO’s Response on Hiding XRP Sales
Recently social media platforms have been buzzing with the debate regarding the state of the XRP Ledger. Some community members have expressed concerns about its perceived weaknesses, linking them to Ripple, the company responsible for XRP. They specifically targeted Ripple’s involvement in the introduction of an EVM sidechain for the XRP Ledger. Some have suggested that this move might enable Ripple to hide its sales of XRP tokens.
Moving ahead, Onledger, a project operating on the XRP Ledger, also made similar allegations that Ripple’s proposed EVM sidechain could potentially allow the company to wrap its XRP tokens and sell them without transparency. However, Schwartz rejected these claims. He stated that if Ripple wanted to hide its sales, it could easily do so by selling XRP on exchanges with less accountability.
Clash of Views
Schwartz pointed out that while Ripple’s involvement in sales on exchanges might not be widely known, Onledger disagreed, saying that Ripple’s role in exchanges would not be hidden. However, Ripple’s sales have always been public, with most movements tracked through on-chain data. Plus, the company regularly reports its XRP sales every three months, adding transparency.
Regarding concerns about XRP price suppression, Schwartz mentioned that Ripple has stopped selling to institutions, which some experts believe has contributed to price suppression. Overall, Schwartz tried to clarify Ripple’s approach to XRP sales and dispel misunderstandings about its transparency and practices.
In the meantime, with new deadlines in the SEC vs Ripple case it will be interesting to if there is any further loophole in the case.
Filed under: Bitcoin - @ March 21, 2024 12:27 pm