Ripple's CTO David Schwartz shared insights on the company's media strategy during their three-year legal battle with the SEC. Ripple secured a partial victory, establishing that XRP is not a security.
Ripple's Legal Battle Outcome with SEC
The court concluded that XRP is not a security, but the company was fined for selling coins to institutional clients. This decision has significant implications for the company and the crypto market.
Media Strategy and Community Role
Schwartz talked about the challenges Ripple faced in dealing with false information about XRP during the lawsuit. He mentioned that the company couldn’t directly challenge false stories due to legal and strategic limits, relying on the 'XRP Army' community to spread accurate information.
Dangers of False Information Spread
Schwartz noted that Ripple tried not to amplify unverified claims or individuals deliberately spreading misinformation. However, he admitted that this approach might have had the opposite effect, as ignoring inaccuracies sometimes gave them more credibility.
The court's decision clarified XRP's status, impacting both Ripple and the broader crypto industry. It highlighted the importance of effective information management and the community's role in supporting the company's positive image.