Recently, public attention has been drawn to misunderstandings surrounding Jesse Powell, co-founder of the crypto exchange Kraken. David Schwartz, CTO of Ripple, decided to clarify the situation in response to rumors about Powell's alleged disdain for XRP.
Reasons Behind the Debate: Schwartz's Poll
It all started with a light-hearted poll Schwartz conducted about Ripple's IPO. However, one user brought up an old claim that Jesse Powell 'hates' XRP. Schwartz quickly responded that this is not true and that the situation is more complex than it seems.
Powell's Genuine Concerns About XRP
Over the years, Powell has raised questions about the legal grey areas surrounding XRP. He worries that if XRP is officially termed a 'security' by regulators, it could cause problems for exchanges like Kraken, even if they have done nothing wrong. He calls this an 'uneven risk,' making it hard for exchanges to decide whether to keep XRP listed.
Importance of Current Debates
Kraken is reportedly raising $100 million in preparation for a possible IPO aiming for a $15 billion valuation. With renewed interest in the company, old controversies are resurfacing. Schwartz's response highlights the importance of understanding that Powell did not attack XRP; he acted cautiously, as many responsible business leaders would.
Despite the controversies, Kraken remains one of the busiest exchanges globally, with over $1.3 billion in daily trading volume. These events demonstrate the importance of understanding the relationships and actions of key figures in the crypto industry.
