Key Takeaways
- David Schwartz call was elicited by Tony Edward calling out XRP maximalists following the EU’s PoW-ban backtrack.
- Ripple is closing in on a key victory for the crypto industry.
The Bitcoin community is euphoric about the rejection of the EU’s plan to ban proof-of-work cryptocurrencies. However, Ripple proponents have used the opportunity to decry regulators’ bias.
“Picking Winners and Losers”
David Schwartz, chief technical officer at Ripple, has clapped back at XRP critics in the Bitcoin camp, as well as the SEC. Schwartz intoned sarcastically that XRP proponents were completely fine with the one-sidedness of regulators in the industry.
His tweet was in response to claims by Tony Edward, a Bitcoin adherent, and crypto podcaster. Edward stated that XRP maximalists would try to greatly downplay the importance of the turnaround in the EU’s decision.
The “Thinking Crypto” host also accused Bitcoin critics, especially XRP proponents, of wanting to see the EU proposal to ban proof-of-work cryptos, and by extension Bitcoin, be upheld. However, he remarked that a vicious ban on Bitcoin would make the entire crypto market go extinct.
“Not surprising, lots of Bitcoin haters were pushing this, but Bitcoin is here to stay whether people like it or not. There would be no crypto market without BTC,” Edward expressed.
It is not uncommon to see squabbles happen on Crypto Twitter as various interests get pitted against each other. Another case in point is recent events that saw Do Kwon, the CEO of Terra Labs, enter a wager that the value of LUNA would be above $88 in one year. This was to rebuff claims that Terra’s Anchor Protocol was a Ponzi scheme.
However, several key market players have called for more cooperation in the community to achieve a common goal of getting clearer regulations. Ripple CEO, Brad Garlinghouse, and others have even noted that the Ripple case was a make-it-or-break-it case for the entire crypto industry.
Ripple v. SEC
While the SEC lawsuit has lasted for over 14 months, it may not be long before a judgment is reached in the case. Several projections, including from Jeremy Hogan, anticipate the case to round up in the 3rd quarter of this year.
The case is also increasingly tilting in Ripple’s favor going by the latest rulings. Last week, presiding Judge Analisa Torres ruled to deny the SEC’s motion to strike out Ripple’s Fair Notice Defence. The ruling opens the door for Ripple to argue that the SEC failed to warn the firm of wrongdoing before it filed a lawsuit.
