Ripple CTO Says Majority Vote Would Force the Burning of Billions in XRP
The Ripple exec was responding to a question asking whether a majority vote could force the destruction of XRP held in escrow.
Related News
Ripple could be forced to burn its entire XRP holdings if the community votes for it, the company’s CTO David Schwartz has confirmed. Ripple chief technology officer David Schwartz has admitted the company could be forced by validators to burn its 48 billion XRP tokens, regardless of if it agrees with the decision or not.The company currently holds half the total XRP supply and has come under fire from the community for selling off tokens in the past, although it resolutely refuted claims of price manipulation and has stopped the practice in recent times.In a Twitter thread, Schwartz....
The crypto community is extremely curious about what will happen to Ripple Labs and the token asset XRP, after the U.S. Securities and Exchange Commission (SEC) recently filed a lawsuit against Ripple and two executives. On December 25, the large cryptocurrency exchange Bitstamp announced delisting XRP for U.S. customers, and a former SEC Commissioner thinks the lawsuit will invoke multi-billion losses to innocent third parties. Luxembourg Crypto Exchange Drops XRP Support for US Customers: ‘Will Closely Follow the Unfolding Situation and Adapt Accordingly’ One of the most....
XRP has struggled to regain bullish price momentum this month, with the crypto going on six days of red candle close last week. The XRP community appears to be feeling the effects of this lack of momentum, as speculations have begun to circulate about a potential catalyst for the next XRP price surge. Related Reading: What To Expect This Month For XRP Price According To Historical Data Word on the street now is that Ripple plans to burn the 41.9 billion XRP tokens they have locked up in escrow. Although this hasn’t been confirmed yet, some say this move could send the value of XRP....
Creators of the Ripple payment protocol, Ripple Labs, have been elected to the Federal Reserve's Faster Payment Task Force Steering Committee. The Fed created the Faster Payment Task Force earlier this year to tackle the challenge of upgrading the United States' outdated payment infrastructure, which lags behind Europe, and, in some cases, emerging markets such as China. The committee will help execute and discuss a payment strategy laid out by the Fed earlier this year. The central bank's main goal is upgrading the country's domestic payment system used for e-check settlement, called the....
The European Parliament has voted in a non-binding resolution today which approved a proposal for a taskforce looking into virtual currencies like bitcoin and blockchain technology. A proposal from late February, which sought to form a bitcoin- and blockchain-centric taskforce overseen by the European Commission, the executive arm of the European Union, was approved by the European Parliament in a majority vote today. The call for a task force is to study the technology to understand the risks and opportunities of virtual currencies (VC) and distributed ledger, or blockchain technology....