Ripple’s Chief Technology Officer (CTO) David Schwartz spoke to Coindesk TV about the latest developments in his legal fight with the SEC, the reasons for the recent XRP price surge, and the differences between his company and Stellar.
Regarding Ripple’s recent victory, gaining access to external and partially internal SEC documents regarding the classification of Bitcoin and Ethereum as non-securities, Schwartz said:
“I think the primary argument we’re trying to do here is that the market sees them as similar, that we see them as similar, that all evidence is similar. Then the SEC pops up out of nowhere and says “No,” they’re completely different. ”
Schwartz also addressed the question of whether the outcome of the case will affect the existence of XRP. But Ripple’s CTO rejected this proposal, effectively saying that XRP was too big to fail. “The only reason to worry is that it is always hard to say,” said Schwartz.
Schwartz has struggled to provide solid reasons for the recent price increase of XRP, but he suggested that rumors of XRP being reintroduced by Coinbase “may have triggered some upward movement. He also stated that the SEC case hearing and related hopes “may have affected the price, but these are only estimates.”
In addition, Stellar is currently being used in Ukraine to develop two central banks digital currencies, Bermuda dollar and e-Hryvnia. Also, Ripple and Stellar are two different technologies that are often compared. Ripple CTO, explaining that Ripple as a company “made a big bet in 2014/2015 as corporate payments and XRP as a payment solution” highlighted the differences between the two projects and continued:
“We worked hard directly so that banks and financial institutions could use XRP as a way to make payments in a few seconds and as an alternative to the related banking system. There is a lot of work to do. […] I think we have made much more progress in this regard. We have millions of transactions carried out by financial institutions on RippleNet. ”
At the same time, Schwartz found that the technologies were “very similar” as Stellar “basically started copying the XRP ledger”. However, he said, over time, the direction of the projects changed significantly:
“So there are similarities in terms of technology, but there are many differences in how we are perceived in the market. […] If you look at projects built on XRP Ledger and projects built on Stellar, although the technologies are similar, they are different projects. ”