XRP Misalignment Debate: Is Ripple Prioritising Shareholders Over Token Holders?

• Zach Rynes argued that projects selling tokens and equity may create investor misalignment.
• Bill Morgan pushed back, saying XRP holders and shareholders can benefit together.
• Morgan says Rynes’ thesis has some plausibility but relies on assumptions.

A public debate between two crypto voices has brought to attention one of the most divisive arguments in digital assets: Does Ripple’s structure fundamentally betray XRP holders?

It started when Zach Rynes, a community liaison at Chainlink, posted a pointed critique arguing that any project selling both tokens and equity to investors creates unavoidable economic misalignment between investor classes. He did not name XRP directly.

Attorney and XRP supporter Bill Morgan made the connection immediately, accusing Rynes of having “an unhealthy obsession with XRP” and criticising Ripple for holding and selling its token …

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