Ripple's (XRP) Chief Technology Officer (CTO) David Schwartz directly addressed the 'XRP hatred theory' by Jesse Powell, co-founder of the US cryptocurrency exchange Kraken. As Kraken's listing plans resurfaced and controversies about its relationship with XRP reignited, the CTO stepped forward to clarify.
During a recent personal social media survey about Initial Public Offering (IPO), when a user claimed that "Jesse Powell hates XRP", Schwartz immediately refuted this. He explained, "In my memory, Jesse had a more complex stance towards Ripple rather than simple hatred." Schwartz emphasized that Powell's attitude was closer to caution about technological uncertainties and regulatory risks, drawing a line at baseless 'XRP hatred theories'.
In fact, Jesse Powell has been clear about his views on Ripple and XRP over the years. He pointed out that if XRP were to be deemed a security, exchanges might find it difficult to avoid legal responsibilities, describing this as an 'asymmetrical risk'. This is also the background for Kraken's temporary suspension of XRP trading in the US. Powell stated that this was a "business decision unrelated to personal preferences" and declared it was a decision to avoid risks.
However, these controversies are being re-examined as Kraken pursues an IPO. According to reports, Kraken is currently aiming to raise around $100 million within the year, with a projected post-listing company value exceeding $15 billion. If this funding is successfully completed, it is expected to strengthen its position as the next major exchange listing after Coinbase ($COIN).
Kraken currently has a daily trading volume of $1.37 billion and supports over 1,100 trading pairs, making it a top global exchange. For Ripple and XRP investors, Kraken's listing and potential stance changes are sensitive issues.
David Schwartz's statement is seen as a defensive response from the XRP ecosystem and highlights the voice of Ripple and the cryptocurrency industry in resolving regulatory uncertainties. Attention is focused on what efforts XRP will make for more stable institutional entry.
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