Enjoy This Ripple CTO David Schwartz-inspired Rant

Ripple’s Chief Technology Officer (CTO), David Schwartz recently let loose a rant on the lack of clarity from the Securities and Exchange Commission (SEC) on crypto regulations. The entire series of tweets were, in a word, epic. The content of his beef? The SEC hasn’t been providing guidance to those involved in the industry.

This rant comes in response to the recent filing of a lawsuit by the SEC against Ripple, its CEO, and Martin Garlinghouse. The suit alleges that the company created unregistered securities with its XRP cryptocurrency, and that the individuals played a hand in the mismanagement of the asset.

David Schwartz on the SEC Actions

Schartz had this to say about the SEC action:

  • “The lack of clarity from the SEC has been damaging to the progress of the blockchain industry.
  • “The new lawsuit is another example of the SEC undermining cryptocurrency investments.”
  • “It’s becoming more and more obvious that the SEC is not providing a fair playing field for the industry to develop.”

He’s certainly not wrong about the lack of guidance from the SEC, and it does create a certain level of uncertainty for those that wish to invest in cryptocurrency.

The Not-So-Subtle Tone of David Schwartz

Schartz added some jabs at the SEC’s lawyers, saying that they are “experts at creating complexity and confusion where there was once simplicity.”
He made it known that though Ripple was aware of its responsibilities, it would not be willing to “take on the burden of compliance for the entire industry” as a result of the SEC’s lack of guidance.

David Schwartz’s tweets were certainly full of opinion and sass, conveying a level of invincibility and confidence. In the face of the regulatory challenge Ripple is facing, you have to appreciate his ‘what will be, will be’ attitude.

Wrapping Up

You have to give it to David Schwartz. He’s not one to hold back, and we love to see it. His grievances make complete sense and shed light on the lack of guidance the SEC provides the crypto industry. We can only hope that the SEC finally recognizes the importance of providing clear regulations to the industry and steps up to the plate.