Disagreements among the members of crypto community become apparent as in an information statement, filed by Grayscale’s Stellar Lumens Trust (XLM) with the US Securities and Exchange Commission, the firm highlights major questionable differences between the two asset (Ripple’s XRP and Sellar’s XLM).
The statement, included in the paragraph titled “OVERVIEW OF STELLAR LUMENS”, mentioned both the assets (XRP and XLM) are similar in that they are both digital assets that support fast and efficient cross-border payments. However, this is XRP’s only function, on the contrary the XLM also has tokenization capabilities and can offer a Dex (decentralized exchange).
The crypto community’s reaction to the statement is mix. A famous crypto enthusiast ‘Stefan Huber’ tweeted the statement suggesting that making false statements in SEC filings should be a criminal offence. He further stated:
“The justifications these funds why their asset is different from XRP & should be approved by the SEC are getting pathetic.”
.@BarrySilbert reiterates in its latest SEC filing this week that the XRPL has no DEX& unlike XLM don't offer tokenisation. The functionality of the XRPL is limited to cross-border payments. Isn't it a criminal offence to repeatedly make false statements in SEC filings?@freddyriz https://t.co/ATWMixSqeV pic.twitter.com/XGP3GLlRys
— stefan huber 🔥🦅🔥 (@Leerzeit) August 21, 2022
Grayscale’s statement is actually wrong. Though initially the XRPL did not support NFTs but in February 2021, the head of Ripple Labs, Ripple’s development arm, Wietse Wind, proposed the implementation of NFT capabilities on XRPL. As Wind mentioned that to do so there would be no requirement to alter XRP Ledger’s code.
Further, we know as a fact that it has been more than a year now that Ripple is focusing on NFTs. The firm has invested millions of dollars into NFT projects. Furthermore, there has been significant NFT development on XRPL as well.
In a statement given by Ripple’s CTO and Co-founder, David Schwartz, he had stated that NFTs could be minted on the XRPL and the tokens could also be issued as the XRPL offers DEX (decentralized exchange).
Threat of a Bearish October Looms as Whales Sell Off 330 Million XRP Tokens
XRP Price Analysis: Will Ripple’s Native Token Reach $7 as Forecasted?
Former Ethereum Advisor Steven Nerayoff to Feature on John E. Deaton’s Podcast
A Complete Overview of Cryptocurrency Cloud Mining Platform – TopHash
9 Out of Every 10 Central Banks Around the World are Exploring CBDCs, Ripple Reports
Recent Press Release
CGMD Miner’s Low-Cost Coin Mining : Spend Less, Earn More!
As more players enter the cryptocurrency space, mining becomes more complex and requires more computing power. As a result, many...
Will Arbitrum Reach $1? ARB Struggles, SPCT Offers Better Prospects
As the crypto market recovers from Bitcoin’s (BTC) recent crash, Arbitrum (ARB) is enhancing its network capabilities to improve its...
Cardano (ADA) Lags, Analysts Predict VC Spectra (SPCT) Will Outpace it
Cardano’s (ADA) price has suffered despite the launch of Cardano’s Project Catalyst Testnet on August 25. Even when the news...
SUI and Hedera (HBAR) Slump Ahead of Token Unlocks, VC Spectra (SPCT) Gains Users
Token unlocks in crypto are typically bearish signs due to basic supply and demand. Analysts will keenly observe how Sui...
While Polkadot (DOT) Pauses, VC Spectra (SPCT) Offers a 220% Potential Upside!
VC Spectra (SPCT), a rising blockchain for investments and asset management, has grown considerably in its ongoing presale. Meanwhile, Polkadot...