David Schwartz, Ripple‘s CTO, recently offered insights into their media approach throughout their three-year legal dispute with the Securities and Exchange Commission (SEC). The battle concluded with Ripple winning a partial verdict, as they successfully argued that XRP, the cryptocurrency linked to Ripple, should not be categorized as a security.
The court determined that XRP should not be classified as a security; however, the cryptocurrency firm faced penalties due to its sales of coins to institutional investors. This decision helps define the nature of this asset, with substantial consequences for the Silicon Valley-based corporation and the broader cryptocurrency industry.
In a discussion, Schwartz acknowledged the difficulties Ripple encountered when confronting misinformation regarding XRP during the court case. He conceded that due to legal and strategic constraints, the company was unable to take immediate action against the untrue narratives about the cryptocurrency.
Rather than depending on it, they leaned on their group, often referred to as the “XRP Community” or the “XRP Army”, to disseminate accurate information. However, this approach unfortunately allowed for the propagation of unverified details and conjecture, which wasn’t desirable.
As a researcher, I made it a point to distinguish between the individuals who contributed positively and constructively to our discussions and those who seemed to spread unproductive or irrelevant information. In an effort to maintain a productive environment, I consciously minimized my amplification of the latter group’s contributions.
— David “JoelKatz” Schwartz (@JoelKatz) January 12, 2025
Schwartz stated that Ripple aimed to avoid boosting unsubstantiated assertions or deliberate spreaders of misinformation, yet he acknowledged this strategy could potentially backfire. He explained that addressing inaccuracies might inadvertently increase their credibility or exposure, which could complicate Ripple’s efforts to engage with the media about these issues.
Schwartz discussed the approach Ripple takes to distinguish constructive input from unfounded assertions within the XRP community. Although the organization understands the value of promoting a favorable image, they exercise prudence when dealing with content or people who could potentially damage their reputation or misinform the public.
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2025-01-12 17:02