Recently, BitGo CEO Mike Belshe sparked a fire under the discussion around the ongoing Ripple v. SEC litigation.
Belshe says that if Ripple prevails in this legal battle, the impact on the cryptocurrency market as a whole and the regulatory landscape will be favourable.
In his tweets, Belshe highlighted parallels between the early days of Bitcoin and the present state of Ripple, asserting that between 2009 and 2012, both Bitcoin and XRP might have been considered to be centralised. This belief is based on the premise that early Bitcoin developers largely controlled the development and decisions made during that currency’s formative years.
Due to a number of issues, including Ripple Labs’ substantial holdings of the token, their control over the currency’s ledger, and the restricted structure of the currency’s validator network, critics have frequently branded XRP as being centralised. In stark contrast, Bitcoin has long emphasised decentralisation as one of its key advantages.
Given the apparent contrast between Bitcoin’s treasured decentralised ethos and Ripple’s perceived centralised authority, this viewpoint has drawn significant scepticism in the cryptocurrency community.
Belshe clarified in response to his tweets that his support for Ripple is unrelated to his enthusiasm for XRP. Instead, he is supporting the possibility that Ripple’s win could open the door for regulatory reform, a route that cutting-edge technologies like Bitcoin might have taken.
The lengthy Ripple v. SEC court saga has reached its conclusion, and the whole cryptocurrency industry is holding its collective breath.
The court’s ruling may change the whole regulatory landscape for cryptocurrencies, serving as a litmus test for the direction of digital innovation.
