According to David Schwartz, Ripple’s chief technology officer, a US government ban on Bitcoin would be “disastrous” for Ripple. The same applies to Ethereum, which is likely classified as an unregistered security.
Bitcoin ban would be “disastrous” for Ripple
Schwartz’s tweet came in response to a thread posted by Castle Island Ventures’ Nic Carter. He accuses the San Francisco-headquartered blockchain company of actively undermining the two largest cryptocurrencies.
This is comically absurd. Either of those two things would be disastrous for @Ripple. https://t.co/7iebCt66Hl
— ????? ???????? (@JoelKatz) January 16, 2022
Ripple CEO Brad Garlinghouse has a history of misrepresenting Bitcoin’s 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 banning Bitcoin.
Former Ripple CEO Chris Larsen has adopted a much more positive stance regarding Bitcoin. Last September, he urged regulators to punish Bitcoin miners, claiming that the leading cryptocurrency should 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 critical of the proof-of-work algorithm, describing it as “a technological dead-end.” He also argued that Bitcoin is not fully decentralized, making it vulnerable to a 51% attack.
Legally, both Bitcoin and Ethereum have been targeted by Ripple’s lawyers after the United States sued the company over the sale of unregistered XRP by the Securities and Exchange Commission last December.
Garlinghouse has stated that Ether could surpass XRP because of its unfair treatment. Ripple believes that the closely watched case settlement will provide regulatory clarity.
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