Ripple CTO bares it all: From SEC lawsuit to crypto regulations in the U.S

ambcrypto.com:

In a recent conversation with ThinkingCrypto host Tony Edward, Ripple CTO, David Schwartz spoke about the ongoing SEC lawsuit, Ripple’s vision of development for the future, and his views about President Biden’s latest executive order.

Talking about his views on the ongoing lawsuit, Schwartz affirmed that the lack of a clear regulatory policy is driving talent out of the United States. He further went on to state that no other country in the world considered XRP as security and that various US officials have labeled XRP as a currency on multiple occasions.

The lack of clear rules and guidelines has hampered the growth of the crypto space and formed a sense of ambiguity in the market.

“When the SEC filed the lawsuit there was a destruction of $15 billion in market value”, said David Schwartz.

In December 2020, the SEC filed a lawsuit against Ripple claiming that Ripple raised capital via the initial coin offering (ICO) of its token XRP. The SEC further argued that XRP is not a cryptocurrency but a type of security.

Furthermore, as per the latest development in the SEC versus Ripple lawsuit, the judge opposed the SEC’s motion to not consider emails as substantial evidence. The judge presiding on the case however stated that emails between SEC officials can offer noteworthy information about the standing of the SEC in the ongoing trial. These emails would thus be considered admissible in court.

Speaking of the future of Ripple and its roadmap with financial institutions, such as banks, the Ripple exec stated that the obstacle in these organizations adopting convenient payment options is more regulatory in nature.

Commenting on the issue of NFTs being a part of private ledgers in the coming future, he stated that realistically,