Ripple’s Chief Technology Officer (CTO) notes a decline in negativity towards the company amidst ongoing legal conflicts.
David Schwartz, the Chief Technology Officer at Ripple, recently provided interesting insights into the company’s progress and the broader cryptocurrency landscape in an interview with Thinking Crypto. He discussed various topics, including the recent approval of Exchange-Traded Funds (ETFs) and the ongoing regulatory environment.
Schwartz emphasized that this year has seen a mix of slow technical advancements and significant progress on the regulatory front. While there haven’t been many groundbreaking technical breakthroughs, the approval of ETFs has generated attention and excitement in the market.
Regarding the regulatory landscape, Schwartz noted that there has been noticeable consolidation this year. He mentioned the absence of extreme and less valuable trends, which has created a more constructive environment for development.
The interview then turned to the SEC versus Ripple lawsuit, with Schwartz highlighting the importance of Judge Torres’ recent ruling. The ruling clarified that XRP is not inherently a security, which is a historic win for Ripple and the entire crypto industry. Schwartz explained that initial negative sentiments towards Ripple have diminished as people have examined the case and recognized its broader implications.
Schwartz outlined three key victories for Ripple in the legal battle: the ruling on XRP’s non-security status, the SEC’s denial of an interlocutory appeal, and the voluntary dismissal of charges against Chris Larsen and Brad Garlinghouse. He acknowledged the strategic error made by the SEC and expressed optimism about the ongoing proceedings.
Despite the legal victories, Schwartz acknowledged that the regulatory front may seem somewhat stagnant at the moment. However, he highlighted the importance of the industry engaging with regulators and the potential impact of Congress passing new legislation. Schwartz also cautioned about the regulatory outlook in the United States, suggesting the need for a balanced approach that promotes innovation while maintaining security.