Vitalik Buterin openly ridiculed the Ripple team after it stated that Ether and Bitcoin are controlled by the Chinese government.
Ripple exclaimed that the Bitcoin and Ethereum blockchains are highly susceptible to Chinese Control, the comment did not go well with the Ethereum founder, and he openly condemned the same.
Ethereum Co-Founder Scorns Ripple
Ripple announced that it might face an SEC lawsuit for selling unregulated securities in the form of an XRP token.Ripple told SEC that Ethereum and Bitcoin are more likely to be controlled by the Chinese government defending its stance that XRP is not a security and is a true cryptocurrency. Ripple manages the supply of XRP tokens and provides cross border transactions using the XRP ledger.
After Ripple provided a detailed justification claiming XRP is based on open-source blockchain technology, it smartly included Bitcoin and Ether in its statement, mentioning them as ” the two Chinese-controlled virtual currencies. ” The statement also said that SEC has not yet considered Bitcoin and Ether as securities.
The statement did not go well with Vitalik Buterin, who is known for being highly vocal about matters pertaining to Ethereum. He tweeted that the Ripple team is stooping to levels of strangeness and addressed the XRP token as Shitcoin. He explained that Ripple wants XRP to not be called security since Bitcoin and Ethereum are Chinese Controlled.
Ripple told the United States Securities and Exchange Commission that it would be diverting to China for exploring more avenues for cryptocurrency innovation and expansion in case the SEC speculates its XRP token. The company is facing regulatory turbulence in the USA, with a probable lawsuit from SEC against CEO Brad Garlinghouse. The terms are rife between SEC and Ripple as the lawsuit adjudicates whether the XRP token is a security that needs to be registered with the US regulator.
Ethereum and Bitcoin supporters often refer to other cryptocurrency tokens as Shitcoin.The news of the SEC lawsuit has brought much dislike and loss to Ripple. It is not just Vitalik Buterin who seems to ridicule Ripple, The cofounder of Messari, Ryan Selkis, called Ripple a Bad Limb in a tweet. Saying that “Amputate the bad limb when needed.” He also called XRP a Shitcoin when he wrote a yearly review of cryptocurrencies.
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