Ripple CTO David Schwartz talks about vague SEC regulations
David Schwartz, director of development for Ripple, considers US regulations to be vague. He denies that Ripple has attempted to conduct illegal business
According to him, the current lawsuit against Ripple is the result of a double interpretation of existing laws. US cryptocurrency legislation is too vague to be unambiguous.
And the United States is one of the few countries where regulators will turn to you and say, “Oh, you should have realized that what you were doing was illegal.”
But after all, Ripple did nothing illegal. The company just wanted to figure out what parameters to work on. Schwartz said this in a recent interview with the entrepreneur and former candidate for the US Congress David Hochstein.
Specifically, Schwartz said blockchain technology is still immature. However, he worries that a group of cryptocurrency maximalists are trying to push BTC or ETH and close the door behind them.
According to CTO Ripple, he would not want his project to have an equally intense market capture with XRP. Schwartz is confident that Ripple has done “a lot of the right things” with XRP, including improving the market.
But new and more optimized projects may emerge on the cryptocurrency horizon that could help improve XRP.
Therefore, the impulse for maximalism must be resisted. And the United States to better interpret regulatory laws.