Ripple Executive Says US Laws on Crypto Are Vague, Future Project Could Be Better Than Bitcoin, Ethereum and XRP

6 January 2021

in XRP

Reading Time: 2 mins read

David Schwartz is decrying maximalism in the crypto space, whether it’s for Bitcoin, Ethereum, or even his own company’s favorite asset, XRP.

Ripple’s chief technology officer tells David Gokhshtein those kinds of attitudes could “shut the door” on future or even existing projects that might have better technology. Schwartz, one of the original architects of the XRP Ledger, believes that Ripple and XRP’s technology is still in its infant stages and could improve.

“I’m not a maximalist. I think the technology is still very, very immature, and one of the things that worries me, particularly about maximalists, is that they’re kind of trying to get Bitcoin through and slam the door behind them or get Ethereum through and slam the door behind them, and I wouldn’t even want us to get XRP through and slam the door behind us, because the next project could be better.

I’m not going to say that we did everything right. I think we did a lot of things right, I think we made things better, we didn’t make things worse, but… maybe there are other projects that I haven’t had the patience to look at that have done things better than we have. And that’s good. I’m a technology maximalist. I want the best technologies to win and I don’t want regulation, even where it benefits Ripple or benefits XRP or benefits projects that I’m invested in… to slam the door shut. I want to resist that instinct.”

Schwartz also briefly commented on the U.S. Securities and Exchange Commission’s recently filed case against Ripple. The SEC is alleging XRP was an unregistered security upon its launch and remains a security to this day.

Says the Ripple CTO,

“It’s not that the laws are bad, it’s that they’re vague. And as I’ve said before, the United States seems to be one of the few countries where regulators will turn around to tell you, ‘Oh you should’ve realized what you were doing was illegal,’ when all along what you’ve been asking is to try to find what the parameters were.”

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