David Schwartz, Ripple’s chief technology officer, said that a US government ban on Bitcoin would be “catastrophic” for Ripple in a recent tweet. The same applies to the Ethereum cryptocurrency which is likely to be classified as an unregistered security.
This is humorously absurd. Either that would be a disaster for @Ripple. https://t.co/7iebCt66Hl
– (@JoelKatz) January 16, 2022
Schwartz’s tweet came in response to a thread posted by Castle Island Ventures’ Nic Carter in which he accused the San Francisco-based blockchain firm of actively trying to sabotage two major cryptocurrencies. Best.
Ripple CEO, Brad Garlinghouse have a history inaccurately depicts Bitcoin energy usage. Last April, he claimed that XRP is 100,000 times more efficient than the largest cryptocurrency. After facing outcry from the community, the Ripple boss explained that he is not in favor of banning Bitcoin.
Former Ripple CEO Chris Larsen has adopted a much more positive stance when it comes to Bitcoin. Last September, he urged regulators to punish Bitcoin miners, claiming that the leading cryptocurrency had to follow Ethereum’s lead by moving to proof of stake. In December, he described how major US miners could benefit from the extremely unpredictable code change in a blog post that was widely mocked in the crypto community.
Schwartz himself has been very critical of the proof-of-work algorithm, describing it as “a technological dead end”. He also argued that Bitcoin is not fully decentralized, which makes it vulnerable to a 51% attack.
Legally, both Bitcoin and Ethereum have been targeted by Ripple’s lawyers after the company was sued by the United States over the sale of unregistered XRP by the Securities and Exchange Commission last December.
Garlinghouse himself has stated that Ether could surpass XRP because of its unfair treatment.
Ripple believes that the closely watched case settlement will be able to provide regulatory clarity.
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