Ripple Receives Newfound Support from Respected Crypto CEO

June 19, 2023 8:08 am Comments

Ripple has found a newfound friendship with the CEO of BitGo Mike Belshe.

Belshe recently took to Twitter to share his stance on the ongoing Ripple v. SEC lawsuit.

In a series of tweets, Belshe stated “A win for Ripple is a win for the whole industry.”

Belshe followed up that tweet by writing “ Whatever your crypto flavor is (BTC, eth, xrp, etc), they are coming for it. Choose your enemies wisely.”

Take a look:

Here’s what The Cryptopolitan reported:

Ripple‘s ongoing legal battle with the Securities and Exchange Commission (SEC) has sparked intense debate and speculation within the cryptocurrency community. The latest voice to add fuel to the fire is none other than Mike Belshe, the CEO of BitGo. Belshe recently took to Twitter, expressing a thought-provoking perspective on the potential outcome of the Ripple v. SEC litigation.

In a recent tweet, Belshe argued that if Ripple emerges victorious in court, the regulatory landscape for cryptocurrencies could experience a positive shift. Drawing intriguing parallels between the early days of Bitcoin and the present state of Ripple, he proposed that Bitcoin, too, might have been seen as centralized during its nascent years between 2009 and 2012. Belshe’s theory assumes that Bitcoin’s initial development and decision-making were predominantly controlled by its early creators.

Centralization has long been a point of contention regarding Ripple, with critics pointing to factors such as Ripple Labs’ substantial holdings of XRP, their influence over the currency’s ledger, and the closed structure of the validator network. These characteristics have frequently attracted criticism and accusations of centralization. In stark contrast, Bitcoin has proudly touted its decentralized nature as one of its core strengths.

Belshe’s perspective has surprised many within the cryptocurrency world, given the apparent contradiction between Ripple’s centralized governance and Bitcoin’s celebrated decentralized ethos.

Here’s what Coingape reported:

Ripple Labs has found support in its legal battle against the U.S. Securities and Exchange Commission (SEC) from Mike Belshe, the CEO of BitGo, a leading digital asset custodian.

Defining BitGo CEO’s Support for Ripple
In a Twitter post, Belshe clarified that his support for Ripple’s victory in the lawsuit was not driven by personal affection for XRP but rather by a desire to bring about regulatory change.

He expressed the belief that a favorable outcome for Ripple would pave the way for regulatory frameworks that foster innovation, just as Bitcoin (BTC) was allowed to develop without being stifled by regulatory burdens in its early stages.

In his statement, BitGo CEO Mike Belshe drew a parallel between the early days of Bitcoin and the current situation with Ripple and XRP. Belshe pointed out that Bitcoin, despite its vision of decentralization, had a centralized aspect in its early years, similar to Ripple.

Consequently, he suggested that if Bitcoin had been subjected to the same regulatory scrutiny as Ripple is facing now, it could have been labeled a “security”.

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