Ethereum (ETH<\/a>) creator Vitalik Buterin says that Ripple and XRP<\/a> lost their right to be protected by the crypto community from government overreach several years ago.<\/p>\n Buterin tells<\/a> his 4.2 million followers that he\u2019s happy to see Ethereum supporters voice their support against unfair crypto regulation that hurts legitimate projects.<\/p>\n \u201cGlad to see Ethereum people pushing against regulations that privilege ETH over other legitimate cryptocurrencies.<\/em><\/p>\n (I have not dug into the details of what specifically is going on and to what extent. It\u2019s a government thing vs. a compliance decision of one business, but either way\u2026)\u201d<\/em><\/p>\n However, Buterin says<\/a> XRP is an exception to the rule, citing screenshots from Ripple that described Bitcoin (BTC<\/a>) and Ethereum as \u201cChinese-controlled virtual currencies.\u201d<\/p>\n \u201cXRP already lost their right to protection when they tried to throw us under the bus as \u2018China-controlled\u2019 in my opinion.\u201d\u00a0<\/em><\/p>\n Looks like the Ripple\/XRP team is sinking to new levels of strangeness. They’re claiming that their shitcoin should not be called a security for *public policy reasons*, namely because Bitcoin and Ethereum are “Chinese-controlled”. ??https:\/\/t.co\/ts02JqrTrB<\/a> pic.twitter.com\/mKwEzGIetk<\/a><\/p>\n \u2014 vitalik.eth (@VitalikButerin) December 22, 2020<\/a><\/p>\n<\/blockquote>\n Replying to Buterin\u2019s criticism, Ripple CTO David Schwartz says<\/a> that proof-of-work (POW) cryptocurrencies such as Bitcoin and Ethereum are reminiscent of private entities, implying that BTC and ETH resemble unregistered securities.<\/p>\n \u201cAlso, I do think it\u2019s perfectly fair to analogize miners in PoW systems to stockholders in companies. Just as eBay\u2019s stockholders earn from the residual friction between buyers and sellers that eBay does not remove, so do miners in ETH and BTC.\u00a0<\/em><\/p>\n Just as eBay stockholders want to leave as much friction between buyers and sellers as they can because that\u2019s their revenue stream, so do miners in ETH and BTC. That\u2019s part of why they have higher fees than XRPL.\u201d<\/em><\/p>\n In late 2020, Ripple was sued by the U.S. Securities and Exchange Commission (SEC) for allegedly issuing XRP as an unregistered security.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get crypto email alerts delivered directly to your inbox <\/span><\/em>\n
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