David Schwartz, chief technology officer at enterprise blockchain company Ripple, has clarified that Ripple should not be expected to act in someone's interests to the detriment of its own interests or the interests of its shareholders.
Schwartz drew parallels between XRP tokens and art pieces in his follow-up post.
"If I hold a work from early in an artist's career, I might hope or expect the artist makes and promotes new works that might drive demand and create markets for the early work and make me money," he said.
This comes after Pierre Rochard of Riot Platform argued that the XRP token was not actually a security due to the fact that Ripple did not own the holders of the token any utility.
"XRP has no enterprise, no reasonable expectation of profits (or anything else), and the only efforts are paying off K Street lobbying firms," Bitcoin advocate Julian Fahrer said.
Ripple has more XRP than it could "possibly monetize"
Schwartz has also noted that the company will inevitably remain active in the space "for quite a bit longer" due to its vast XRP holders.
"We have more XRP than we could possibly monetize in a short period of time, so there's no way to avoid us being here for quite a bit longer," Schwartz said.
As reported by U.Today, Ripple CEO Brad Garlinghouse confirmed that the company owned more than $100 billion worth of XRP tokens as of early January.
Dan Burgin
Vladislav Sopov