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Independent legal counsel and legal advisor, Preston Byrne, recently voiced his views on the Ripple-XRP ownership debate, where he insisted that Ripple Laboratories are the true creators and issuers of XRP.
The post on the Byrne website was retweeted by the creator of Litecoin Charlie Lee, and immediately the XRP's army arrived en masse to try to scold the claims. At the same time, viewers have continued to throw the word "C" to XRP fans, as many have stuck to their guns that XRP was really centralized.
For The Last Time …
Byrne's post begins September 20 starting front foot:
"There has been a meme propagated in recent months by the people of Ripple Labs. meme is that the cryptocurrency token known as "Ripple" or "XRP" has absolutely nothing to do with Ripple Labs of the company, that the XRP pre-existed Ripple Labs to the company and that it was equipped with it , and that the protocol that runs XRP is totally decentralized, à la Bitcoin. "
Reference is then made to the testimony of Ripple Labs delivered on May 1st at the hearing of the British Treasury Select Committee of the British Parliament . Ryan Zagone, Ripple Director of Regulatory Relations said this during his testimony:
"XRP is open source and was not created by our company, therefore it existed as open source technology.We have created a company interested in modernizing the payments and then we started to use that open source technology to do it … We did not create XRP … What we have is that we own a significant amount of XRP, it was donated by some of the open source developers that They have created, but there is a direct connection between Ripple, the company and XRP. "
He said, He said …
At this point, both sides have their arguments and seem to stick to them. Why Ripple would like to distance itself from XRP is a question that Byrne addresses:
"Because Ripple Labs has chosen to push this line of reasoning, I can not say: If I had to venture a hypothesis, I should think that directing a company that does not run or issue a cryptocurrency is much less a pain in the ass than it does. "
This has been the suspect among the XRP critics for a while. If true, it would mean being able to properly circumvent all the regulatory problems to which the cryptocurrency has been placed because it has become too big not to be noticed. Byrne continues:
"Approaching a business proposal means introducing into your life a panoply of the worst and best elements of the encrypted world: community management, troll bot armies on Twitter, Telegram groups, subtitles, and the like It also promises the opportunity to undertake some of the most sublime pleasures of cryptoland, including sending some love letters to any or all of the Securities and Exchange Commission, FinCEN and the Commodity Futures Trading Commission. "
Where Next? [19659004] Well, Ripple Labs is currently negotiating five lawsuits, including two in federal courts. The recent announcement by SEC President Jay Clayton may also have a "chain effect" on the future result between Ripple Labs and the courts, both for good and for bad.
To give Ripple and XRP the due, the result is far from certain, and we should refrain from hasty judgment until the due process has had a say. Not to mention the fact that XRP recently (briefly) took second place from Ethereum on the market capitalization rankings, and grew by 115% in one day. Trade volumes peaked at $ 5 billion today – twice that of Ethereum and only half a billion Bitcoins.
Featured image courtesy of Shutterstock.
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