A recent dispute has emerged between Fox Business journalist Eleanor Terrett and Jimmy Vallee, Managing Director of Valhil Capital, over a contentious XRP buyback proposal that was initially put forward two years ago. The proposal, which suggested that the Federal Reserve could buy back XRP at an unprecedented rate of $37,500 per token, has reignited debates within the cryptocurrency community regarding its feasibility and its implications on the global financial landscape.
Jimmy Vallee, known for his bold assertions regarding XRP’s potential role in the future of global finance, posited that the cryptocurrency could ascend to the status of a world reserve currency. He argued that this would disrupt traditional financial systems and generate substantial demand from major institutions, including the possibility of buybacks from entities such as the U.S. Federal Reserve. This proposal was initially introduced to Terrett during her formative period in the crypto and XRP communities, sparking various reactions.
XRP community divided by buyback controversy
The conflict between Terrett and Vallee came to the forefront following Vallee’s reference to a post by Terrett from two years ago, highlighting the buyback proposal. A member of the XRP community further fueled the dispute by pointing out Terrett’s initial coverage of the proposal, which was later met with skepticism by herself and others within the community, who deemed the idea far-fetched.
In response to the unfolding controversy, Terrett expressed that her initial engagement with the buyback proposal was during her nascent stages in the crypto community, suggesting that her lack of experience might have been exploited for promotional purposes. Vallee countered these claims by lauding Terrett’s initial coverage as a bold move while criticizing her and other Fox Business personnel for allegedly leveraging the XRP community for their career advancement. Moreover, Vallee accused them of neglecting coverage of what he and others in the community call “ETHGate,” a theory alleging corruption within the Ethereum project.
ETHGate and media accountability
The debate between Terrett and Vallee has also brought attention to the so-called “ETHGate” controversy. Vallee accuses mainstream media, including Fox Business, of disregarding significant allegations of corruption tied to the Ethereum project. Steven Neyaroff, a former Ethereum advisor, has come forward with claims that could validate these corruption allegations, yet coverage on platforms like Fox Business remains absent, according to Vallee.
On the other hand, Terrett has indicated a willingness to address the ETHGate topic in due course, suggesting that further updates could be forthcoming. This back-and-forth between a prominent financial journalist and a key figure in the cryptocurrency investment space highlights the ongoing tensions between traditional media and the rapidly evolving crypto sector. It raises questions about the responsibilities of journalists in covering the complex and often controversial world of digital currencies.
