TLDR
- Ripple did not conduct an ICO; all 100B XRP were placed in a genesis account at launch with zero market value.
- The XRP Ledger hosts over 1,000 nodes and 100+ independent validators, disproving centralization claims.
- Ripple’s RLUSD stablecoin is issued on both Ethereum and the XRP Ledger, not limited to one platform.
- XRP Ledger introduced native DEX and tokenization features before most major blockchain networks.
Ripple’s Chief Technology Officer, David Schwartz, has publicly addressed recent comments made by Custodia Bank CEO Caitlin Long regarding XRP and Ripple’s history. The comments, made during a podcast, included claims about an alleged initial coin offering (ICO) by Ripple. Schwartz has offered to speak directly with Long to clear up what he described as misunderstandings related to Ripple, XRP, and the XRP Ledger.
Ripple CTO Offers Direct Dialogue to Address XRP ICO Claims
In a post shared on social media platform X, David Schwartz responded to claims made by Caitlin Long that Ripple had conducted an ICO to raise capital. Long compared Ripple unfavorably with Bitcoin and Ethereum, suggesting those platforms were more decentralized and capital-efficient at launch.
Schwartz disagreed with those statements and said he would be open to a direct conversation with Long to explain the facts. He also pointed to a detailed response from an independent XRP Ledger validator, known online as Vet (@Vet_X0), to support his position.
@CaitlinLong_, I’m available whenever you want to chat about the facts about Ripple, our stablecoin RLUSD, the XRP Ledger and its native token XRP. @Vet_X0 started with some basic ones above ^
— David 'JoelKatz' Schwartz (@JoelKatz) August 6, 2025
Vet stated in a separate post that Ripple did not raise funds through an ICO. According to him, all 100 billion XRP tokens were placed into a genesis account at launch when the token had no market value. He wrote, “She has no clue what she is talking about, but she talks with such confidence about it,” referencing Long’s comments.
XRPL Validator Disputes Centralization Allegations and Stablecoin Concerns
Vet, a well-known validator on the XRP Ledger, also pushed back against claims that the network is centralized. He said that the XRP Ledger is open for anyone to run a node or validator and that it currently supports more than 1,000 nodes, with over 100 validators managed by independent parties.
He added that Ripple does not control the validators and that the codebase is open-source, so anyone can fork it or build on it.
“The XRP Ledger is decentralized. Either it’s ignorance or lack of education,” Vet said in his post.
Long also questioned why Ripple had chosen Ethereum to launch its RLUSD stablecoin. Vet clarified that the RLUSD token is being launched both on Ethereum and the XRP Ledger. He said the move did not indicate a shift away from XRPL but rather a strategy to reach users across different platforms.
Ongoing Development and Ledger Usage Remain Active
Addressing concerns about development on the XRP Ledger, Vet highlighted the platform’s ongoing updates and technical improvements. He pointed out that the XRPL has continued to adopt features through a structured amendment process.
Vet also noted that the XRP Ledger was the first blockchain to feature both a decentralized exchange and built-in tokenization. He said the network has an active developer community and strong liquidity, with Ripple Payments still operating natively on XRPL.
Schwartz’s offer to speak directly with Caitlin Long suggests that Ripple aims to resolve any misunderstandings around its technology and history. As discussions around blockchain transparency and decentralization continue, the CTO’s direct engagement marks a clear attempt to clarify Ripple’s position.
The disagreement has renewed attention on how different blockchain projects are launched and how decentralization is defined and measured. With multiple voices now weighing in, the broader conversation around Ripple and its role in the crypto space is likely to continue.
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