Ripple has come under fire for its funding of research targeted at disparaging Bitcoin. Amidst the backlash, some crypto proponents have pointed out that Ripple remains one of the key parties fighting for the industry to get regulatory clarity.
Ripple receives commendation for facing up to the SEC
Ripple has been embroiled in a legal battle with the SEC for over a year. The fact that they have not given up the fight is highly commendable according to Jake Chervinsky, the head of policy at crypto advocacy firm Blockchain Association.
Chervinsky, whose legal career focuses on regulatory policy for the crypto industry, said in a tweet that Ripple is giving the SEC the most trouble in the entire crypto industry. He asserts that Ripple’s insistence on slugging it out with the SEC in court instead of backing down has made them the leading dispute in the crypto industry when securities laws are concerned.
No matter your view on Ripple, two things seem clear: They’re giving the SEC more trouble than anyone in crypto, maybe more than anyone period, including Elon [Musk, CEO of Tesla and SpaceX]. They’re the leading dispute on securities law, if only because they’ll fight to the death unlike those who caved & settled. Chervinsky noted.
His take is coming after Bitcoin proponents have been voicing their displeasure over a recently published research on the effects of Bitcoin miners on electricity bills. The paper titled “When cryptomining comes to town: high electricity-use spillover to the local economy,” cited Ripple’s University Blockchain Research Initiatives as one of its sources of funding.
Bitcoin proponents have been expressing their displeasure at the move by Ripple. According to Nic Carter, the founder of Coinmetrics, the move speaks ill of Ripple and is an attempt to create “paid opposition research” on Bitcoin mining, in conjunction with the government.
Their (Ripple’s) entire strategy is lobbying a) to get Bitcoin/PoW banned and b) to get Ethereum branded a security, Carter added.
The drama is equally heightened by recent reports that the US Congress will hold an oversight hearing on the environmental impact of crypto mining.
Ripple’s tussle with the SEC will set a precedent for the crypto industry
Jake Chervinsky’s assertion that Ripple is playing a pivotal role in the blockchain industry is an opinion shared by a lot of crypto market observers. Market participants including Ripple supporter, attorney John Deaton, have noted that the SEC’s attack on Ripple’s XRP token can easily be juxtaposed on any other cryptocurrency. This is why Deaton has warned that other crypto supporters should hope that Ripple wins out the securities regulator.
Other market participants often note that whether Ripple wins or loses to the SEC, the case will have far-reaching consequences in the crypto industry.
However, Ripple CEO, Brad Garlinghouse, has previously pointed out that Ripple is more energy-efficient than Bitcoin’s proof-of-work consensus protocol.
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