Ripple CTO, David Schwartz has condemned maximalism in the cryptocurrency ecosystem, stating that it’s bad for the growth and development of the crypto industry at large.
In an interview with David Gokhshtein, Schwartz said such an attitude is capable of shutting the door on existing projects that are striving to come to the limelight with their better technology. He said he will only continue to be a technology maximalist as he wants the best technology to win.
He believes that the technology that constitutes Ripple and XRP is one of the best in the crypto space. Although he admitted that the technology is still very immature, but would continue to improve.
David Schwartz noted:
“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.
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.”
Ripple Has Been Demanding Regulatory Clarity
In the course of the conversation with David Gokhshtein, Schwartz spoke briefly about the lawsuit filed against Ripple by the U.S. Securities and Exchange Commission (SEC), for the sale of XRP regarded as an unregistered security by the regulator.
He said Ripple has been clamoring for the regulatory clarity on XRP over the past few years without a definite response:
“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.”