Ripple’s Chief Technology Officer, David Schwartz, is once again stepping into the spotlight, this time to clear the air around Jesse Powell, co-founder of the crypto exchange Kraken. A recent X post hinted that Powell has always hated XRP.
But Schwartz stepped in to clarify, stating that’s not true, and that the situation is more complex than it seems.
Let’s dive into what happened.
Casual Poll Sparked the Debate
It all started when Schwartz posted a light-hearted poll about Ripple’s IPO. But things quickly turned serious when one user brought up an old claim: that Jesse Powell “hates” XRP.
Schwartz quickly responded, saying Powell never hated XRP. Instead, his actions were based on legal caution, not personal opinions.
Schwartz also said it’s normal for people in crypto to have different opinions. Open conversations help the whole industry move forward. This shows how tricky it is to deal with new technology like XRP when laws are still catching up.
Powell’s Real Concerns About XRP
Over the years, Powell has talked about the legal grey area around XRP. He worries that if XRP is officially called a “security” by regulators, exchanges like Kraken could get in trouble, even if they did nothing wrong.
He calls this an “uneven risk,” making it hard for exchanges to decide whether to keep XRP listed.
When Kraken stopped XRP trading for US customers, Powell said it was a business decision, it wasn’t out of dislike or something else. He said the legal risks were “too big” to ignore.
Why This Debate Matters Now
Kraken is reportedly raising $100 million in preparation for a possible IPO, aiming for a $15 billion valuation. With the company back in the spotlight, old controversies are resurfacing.
But Schwartz’s response shows how important it is to understand the stance that Powell didn’t attack XRP; he acted cautiously, like many responsible business leaders would.
Despite the controversies, Kraken remains one of the busiest exchanges globally. With over $1.3 billion in daily trading volume and more than 1,100 trading pairs, it continues to play a big role in the crypto space.
