Bitcoin Ban Would Be “Disastrous” for Ripple, Says Top Executive

Ripple CTO David Schwartz has fended off accusations of trying to undermine the two biggest cryptocurrencies

David Schwartz, Ripple’s chief technology officer, said that the U.S. government banning Bitcoin would be “disastrous” for Ripple in a recent tweet. The same applies to the Ethereum cryptocurrency potentially being classified as an unregistered security.

This is comically absurd. Either of those two things would be disastrous 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 accuses the San Francisco-headquartered blockchain company of actively trying to undermine the two largest cryptocurrencies.   

Ripple CEO Brad Garlinghouse has a history of inaccurately portraying Bitcoin energy usage. Last April, he stated that XRP was 100,000 times more efficient than the largest cryptocurrency. After facing pushback from the community, the Ripple boss clarified that he wasn’t advocating for banning Bitcoin.

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