Vitalik Buterin, the founder of Ethereum, revealed that Ripple and XRP no longer have the right to get protection from the crypto community from the overreach several years ago.
Addressing his 4.2 million followers, Buterin says he’s delighted to witness Ethereum enthusiasts speaking out on the unfair crypto regulation that overreach many years ago and that privilege ETH over other legitimate cryptocurrencies.
Buterin added that he didn’t research what was happening and its extent. He says it’s a compliance decision of one business against the government. But according to Buterin, it’s an exception to the rule, he also showed screenshots from Ripple that referred to flagship currencies as Bitcoin (BTC) and Ethereum(ETH) as “Chinese-controlled virtual currencies.”
The founder further stated that he believes that the XRP lost its right to protection when they attempted to tag the ecosystem as ‘China-controlled.’ David Schwartz, the CTO of Ripple, on Buterin’s thoughts regarding Ripple said the proof-of-work(PoW) cryptocurrencies like Bitcoin and Ethereum are reminiscent of private entities, indicating that BTC and ETH are similar to unregistered securities.
Buterin also believes that it is not unfair to equate miners in PoW systems to stockholders in firms. Similar to how eBay stockholders earn from the residual friction between sellers and buyers which the e-commerce site doesn’t cut out. The Bitcoin and Ethereum miners do the same.
So, how the eBay stockholders do not remove friction between buyers and sellers as that’s their way to earn revenue. The miners in BTC and Eth do the same thing. It is the reason why their fees are higher than XRPL. The U.S Securities and Exchange Commission(SEC) sued Ripple for issuing XRP as an unregistered security in late 2020.
At the time of writing, the price of ETH was trading at $1,612.54, up 2.99% in the past 24 hours.
Source: https://www.thecoinrepublic.com/2022/08/23/vitalik-buterin-says-xrp-lost-right-to-protection-from-crypto-community-years-ago/