Ripple has consistently accused XRP of centralization. But the payment business has always denied this assertion, pointing out that the XRP Ledger is decentralised and open-source.
Recent court filings have clarified the ambiguity and raised questions over the centralization of XRP.
Who is the XRP Ledger’s owner?
The Securities and Exchange Commission recently requested permission to file an interlocutory appeal over Ripple’s partial victory, but the request was denied by a federal judge in the United States. The SEC did not present sufficient information, the judge stated, to support a change in the decision.
It’s interesting to note that Ripple, XRP, and the XRP Ledger seem to have been made clearer by court records on the denial. The reason for this mistake is that Ripple and XRP are closely related, with the payment business holding the majority of the coin.
Despite being founded and developed by Ripple, the XRP Ledger is an open, decentralised system that is not under the ownership or control of the payment business, according to court records.
Developers and validators may build upon the XRP Ledger code, not just Ripple. The SEC was also unable to demonstrate a sufficient link between Ripple and the XRP Ledger.
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The XRP Ledger is “based on open-source software; anyone can use the ledger, submit transactions, host a node to contribute to the validation of transactions, propose changes to the source code, or develop applications that run on the ledger,” according to court records. The XRP Ledger is not owned by Ripple.
The XRP community’s viewpoint has been restated by the judgement, despite the fact that it has cleared up any uncertainty. As of right now, it appears that the regulator is among the select few who continue to think that Ripple controls the XRP Ledger. The trial date for the SEC-Ripple action has been rescheduled to April 23, 2024.
Unveiling XRP Ledger Ownership: Ripple’s Non-Centralized Role,Unveiling XRP Ledger Ownership: Ripple’s Non-Centralized Role
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Ripple was recently the target of a similar charge made by several cryptocurrency enthusiasts. The claim is that recent modifications to the XRPL included a hidden provision that enables Ripple to execute “The BuyBack” of XRP. This assertion has subsequently been refuted, though.
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Ripple has had an extremely busy year since it has been putting a lot of effort into creating cutting-edge payment solutions that will help it maintain its dominant position in the bitcoin market.
With its US dollar-backed Palau Stablecoin on the XRP Ledger, Ripple recently took home accolades from Juniper Research’s Future Digital accolades for Fintech & Payments 2023.
Recently, the Australian Freight & Trade Alliance (FTA) director brought up Ripple in reference to possible collaboration. The international supply chain sector in Australia is dominated by the FTA.
Unveiling XRP Ledger Ownership: Ripple’s Non-Centralized Role,Unveiling XRP Ledger Ownership: Ripple’s Non-Centralized Role,Unveiling XRP Ledger Ownership: Ripple’s Non-Centralized Role