Ripple CTO: It’s not that the laws are bad, it’s that they’re vague

Chief Technology Officer at Ripple and XRP Ledger architect David Schwartz said in a recent interview that US regulatory laws with regard to crypto-assets are “vague.” These comments were made, in wake of the Securities and Exchange Commission’s new lawsuit against Ripple which alleges that the company and two of its executives raised over $1.3 billion through an unregistered “securities offering.” Schwartz, however, denied that Ripple conducted any illegal activity. Instead, he said that the firm was only seeking ‘what the parameters were.’

Speaking to David Gokhshtein in a recent interview, the CTO said:

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.

Additionally, the CTO said that he was not a maximalist and believed that technology behind many crypto projects was still “very immature,” He added:

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.

He further revealed that he did not entirely believe in crypto minimalism and that a single project could dominate the ecosystem. However, Schwartz was of the opinion that the crypto-economy could have better projects that may improve upon XRP. 

Besides XRP, Schwartz revealed his take on Ethereum and Bitcoin, earlier on 4 December. According to him, Ethereum has an “incredibly strong developer community and the best DeFi ecosystem.” On the other hand, he said Bitcoin’s technology needed improvement to avoid becoming obsolete.