Concerns About Replicating the Existing System
Booth questioned whether XRP’s design offers real change or simply follows the structure of existing financial institutions. He pointed out that the current system allows banks to create money through lending and then charge interest on it, a cycle that he views as central to today’s economic framework.
While he raised doubts about introducing new technology into that framework without changing its fundamentals, he acknowledged that many in the crypto space are motivated by good intentions.
Booth suggested that its approach risks maintaining some of the same practices it was expected to challenge. His remarks left open the question of whether a platform that works with banks and governments can still drive meaningful reform.
Decentralization and Opportunities for Change
Booth contrasted decentralized models with the legacy structures of finance, noting that the latter remain tied to interest‑based lending. However, he did not argue that XRP’s role in facilitating cross‑border payments and partnering with traditional institutions is entirely without merit.
By bringing blockchain technology into established systems, projects like XRP could create opportunities to improve efficiency and reduce friction, even if they do not fully break from the old model.
Reform requires more than technical innovation. It also involves rethinking incentives and the flow of capital. His perspective highlighted the need to balance the pursuit of decentralization with practical steps that can make existing systems fairer and more transparent.
Reforming Finance or Re‑Building the Old One
Xaif framed this as a critical debate on whether XRP represents genuine reform or a continuation of traditional banking practices. Many XRP supporters argue that its integration with global payment networks is a necessary step toward modernizing finance, enabling faster transactions and improved liquidity.
Booth’s comments invited consideration of whether working alongside established players can be part of progress rather than an obstacle to it, and XRP’s remarkable progress across the globe with tokenization, CBDC projects, and more, shows that Ripple’s approach of integration has its merits.