Wednesday, November 30, 2022
HomeCrypto NewsFOX Business Journalist Calls Out Kraken's Mislabeling Of XRP As Ripple

FOX Business Journalist Calls Out Kraken’s Mislabeling Of XRP As Ripple

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Terrett believes exchanges are responsible for some confusion surrounding Ripple and XRP.

In a tweet yesterday, FOX Business Journalist Eleanor Terret called out Kraken for mislabeling the XRP Ledger as the “Ripple Network” and XRP as Ripple.

According to the journalist, other exchanges like Binance also use the notations interchangeably. 

“It’s formatting like this that I think causes some of the confusion surrounding Ripple and XRP,” Terrett asserted.

Terrett claimed that it gave uninformed users the impression that they were buying into Ripple instead of the XRP token. According to Terrett, the Securities and Exchange Commission could easily point out things like this to its advantage in its case against Ripple.

It is the second time in recent weeks that members of the XRP community have had to point out the problem with using Ripple and XRP interchangeably. Notably, Ripple is the company that created the XRP Ledger, which has XRP as its native token, in the same way, for example, that Input Output Global created the Cardano network. Consequently, they are not the same thing.

However, as pointed out by Terrett, many people have gotten into the habit of using them interchangeably. 

Last Wednesday, Attorney John E. Deaton slammed Andressen Horowitz (a16z) General Counsel Miles Jennings for wrongfully asserting that Ripple ought to be decentralized, as reported by The Crypto Basic. Deaton pointed out that Ripple, not to be confused with the XRP Ledger, is a company with a board of directors centralized by design.

In response to Terrett’s concerns today, a user asserted that it was “disingenuous” of exchanges to pretend that they do not know the difference in 2022. Another user wondered who would be held liable should the SEC try to raise cases like this in the lawsuit.

It bears mentioning that Ripple remains locked in a legal battle with the SEC that has adversely affected XRP holders for nearly two years. The SEC accused Ripple in December 2020 of selling an unregistered security XRP to raise $1.3 billion. As the legal battle draws to a close, pro-Ripple lawyer James K. Filan has predicted that the Judge will give her ruling on or before the end of March 2023.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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