As discussions begin around two Ontario cryptocurrency exchanges’ latest C$30,000 limit on altcoin-based transactions, which excluded Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) , Vitalik Buterin, co-founder of Ethereum, made a statement on XRP that was not well received by David Schwartz, CTO, Ripple, as reported by Cointelegraph.
According to Cointelegraph, Buterin, in a tweet, praised the Ethereum community’s pushback against regulations that place ETH above other cryptocurrencies. David Hoffman, founder of Bankless, a decentralized media and education platform, in response to Buterin, said he had no objections to restricting XRP. “They already lost their right to protection when they tried to throw us under the bus as ‘controlled by China’,” Buterin said. Buterin’s response led XRP followers to Twitter, which was joined by Schwartz.
Based on information from Cointelegraph, Buterin referred to defending Ripple in its ongoing battle with the United States Securities and Exchange Commission (SEC), in which it was claimed that XRP should not be considered as security since Ether and Bitcoin are considered identical in characteristics. Currently, Ripple is engaged in a legal battle with the SEC over the alleged unlicensed sale and issuance of XRP tokens. Schwartz concluded his tweet with a question to Buterin, which asked whether the government or the market should settle the security discussion.
Additionally, Cointelegraph reported that Ether’s potential ability as a security mechanism has become a topic of discussion during ongoing lawsuit proceedings, with claims from Ripple that the SEC is biased against them and prefer Ethereum. In a 2021 interview, Brad Garlinghouse, CEO of Ripple, claimed that the SEC helped ETH overtake XRP as the second cryptocurrency. The question of whether cryptocurrencies are considered securities has been the subject of a long-awaited discussion based on regulatory guidelines. Most global regulators view Bitcoin as an asset, while there is still discussion about the status of ETH due to its pre-mine and initial coin offering.
(With information from Cointelegraph)