Caitlin Long, CEO of Custodia Bank, recently shared harsh criticism of Ripple and its token XRP in a podcast.
Criticism of Ripple and XRP
Caitlin Long claimed that Ripple has failed to fulfill its mission of replacing traditional banking services like the SWIFT network. She noted that XRPL has not achieved significant progress over the years.
Response from the XRP Community
In response to the criticism, XRPL validator Vet (Vet_X0) denied Caitlin Long's claims about the XRP initial coin offering (ICO), stating that Ripple never conducted an ICO and that all 100 billion XRP were deposited into the Genesis account without any value at launch.
Further Positions of Caitlin Long
Long also emphasized that Ripple's real problems are not just related to the SEC lawsuit but also its centralized network design and flawed token model. She predicts that if the US Treasury were to tokenize Treasury Bills, it would prefer a platform like Ethereum rather than Ripple.
Caitlin Long's criticism raises questions about Ripple's future and its ability to compete with other blockchain platforms, while the XRP community continues to defend its position.
