Ripple Exec Believes US Laws On Crypto Are Vague: Report

Ripple Exec believes US laws on crypto are vague but in the future, crypto projects could be even better than Bitcoin, XRP and Ethereum so let’s find out in today’s Ripple news.

David Schwartz, a Ripple exec believes that US laws on crypto are quite vague whether that is for Ethereum, Bitcoin, or his own favorite asset XRP. Ripple’s chief technology officer told to David Gokhshtein that these kinds of attitudes could “shut the door” on future projects that could have better technology. Schwartz is one of the few original architects of XRP ledger who believes that Ripple and XRP technology are in an infant phase 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.”

He continued:

“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 commented on the US Securities and Exchange Commissions’ filed case against Ripple with the SEC alleging that XRP is unregistered security upon the launch and remains security to this day. The Ripple 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,’ when all along what you’ve been asking is to try to find what the parameters were.”