LBRY Credits

David Vance

Verge

The post <a href="https://coinpedia.org/news/ripple-on-the-verge-of-burning-all-xrp-held-in-escrow-wallets-say-former-ripple-director/" rel="noopener noreferrer nofollow">Ripple On the Verge of Burning All XRP Held in Escrow Wallets Say Former Ripple Director</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Former Ripple Director Matt Hamilton dropped a bombshell, stating that Ripple might have the power to burn all the XRP tokens locked away in its escrow wallets. This revelation injects a fresh dose of complexity into Ripple’s ongoing legal tussle with the SEC.
<h2 class="wp-block-heading" id="h-ripple-s-hidden-power-to-burn">Ripple’s Hidden Power to Burn</h2>
Hamilton, a former Ripple Principal Developer Advocate, shared his insights on the ongoing litigation. He <a href="https://twitter.com/HammerToe/status/1657536951887581185" rel="noopener noreferrer nofollow">suggested </a>that Ripple, with its technical prowess, could make its future escrow funds practically untouchable by disabling the master key for the accounts set to receive the escrowed tokens.&nbsp;
This concept of “burning” XRP introduces a novel dynamic, making the tokens essentially unusable, even to Ripple itself.
<h2 class="wp-block-heading" id="h-legal-ramifications">Legal Ramifications</h2>
The concept of burning XRP tokens took center stage following the SEC’s request to destroy LBRY Credits (LBC) tokens in a recent lawsuit. This sparked a debate within the XRP community, questioning whether Ripple could be compelled to burn the XRP in its escrow.&nbsp;
Meanwhile, Ripple’s CTO, David Schwartz, entered the discussion, <a href="https://twitter.com/JoelKatz/status/1192945393035706368" rel="noopener noreferrer nofollow">noting that</a> while neither the court nor the SEC may have direct authority, consensus among XRPL validators could enforce such action.
Pro-XRP lawyer Bill Morgan <a href="https://twitter.com/Belisarius2020/status/1657283121673543680" rel="noopener noreferrer nofollow">added insights</a>, emphasizing that a court order wouldn’t automatically bind XRPL validators, requiring a legal hearing for enforcement. This aligns with Ripple CEO Brad Garlinghouse’s prior statement in April 2021, suggesting the consideration of burning XRP tokens in specific scenarios for the benefit of the broader XRP ecosystem.
As Ripple navigates legal complexities, the potential decision to burn XRP tokens introduces a new dimension to its ongoing saga.&nbsp;

Ripple On the Verge of Burning All XRP Held in Escrow Wallets Say Former Ripple Director

목차

CoinPedia News

2023년 12월 21일에 게재된 다른 기사

First Step into unagi Initiative : Unveiling of una Wallet

Polkadot’s Polkastarter (POLS) Surges 15% as Price Resumes Journey to Previous All-Time High: Her...

U.S. Appeals Court Finalizes Seizure of 69,370 Bitcoin From Silk Road

Solana Excels and Outperforms Ethereum!

Ethereum devs eye January for Dencun testing

UK Supreme Court Rules Patents Can’t Be Attributed to AI

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!