.JoelKatz described recent accusations as “comically absurd”
, claiming that the flagship cryptocurrency has to follow Ethereum’s suit by switching to proof-of-stake. In December, he described how major U.S. mining companies could benefit from the extremely improbable code change in a blog post that was widely ridiculed within the cryptocurrency community.as “a technological dead end.” He also argued that Bitcoin was not sufficiently decentralized, which makes it vulnerable to a 51% attack.
On the regulatory front, both Bitcoin and Ethereum have become the targets of Ripple’s lawyers after the company got sued by the U.S over unregistered XRP sales by the Securities and Exchange Commission last December. Ripple believes that resolution of the closely-watched case will be able to provide regulatory clarity.