In a series of posts on social media platform X, David Schwartz, Chief Technology Officer at Ripple, expressed strong opinions on the Republican Party’s stance against Central Bank Digital Currencies (CBDCs). The conversation began when Schwartz shared a screenshot from the GOP platform. It underscored the party’s commitment to ending what they termed the Democrats’ “unlawful and unAmerican crypto crackdown” and their opposition to CBDCs.

Ripple Disagrees With Anti-CBDC Campaign

The conversation took a deeper turn when another user questioned whether the Republican Party’s anti-CBDC stance might negatively impact Ripple’s work, especially in the event of a Trump administration targeting CBDCs. Ripple CTO deemed Republicans’ anti-CBDC move as “crazy.”

Schwartz responded decisively, “I don’t think so. I don’t think being anti-CBDC is a good thing. They are a form of innovation and so long as they have to compete in a fair market, I think it’s crazy to oppose them. But I don’t think it’s really a big deal.”

Ripple CTO elaborated on his perspective, comparing CBDCs to a “veggie burger with bacon” – an innovative blend that might not appeal to everyone but still holds potential value. This analogy underscores his belief in the innovative nature of CBDCs, despite the skepticism they may face.

Schwartz’s interaction with users on X showcases his balanced and critical approach to the intersection of cryptocurrency and politics. While he recognizes the progress in political discourse surrounding digital assets, he remains cautious about the implementation of such promises. His support for innovation, including CBDCs, highlights a forward-thinking stance that values fair market competition and the potential benefits of technological advancements.

However, netizens in the industry have been long opposing the CBDC initiative by the government. Caitlin Long, CEO of Custodia Bank, has expressed dissatisfaction toward the CBDC development. She cited privacy concerns on the part of Americans as the government would be able track their movements in case the CBDC is rolled out.

Also Read: Ripple CEO Brad Garlinghouse Breaks Silence On Crypto-Whitehouse Roundtable

Schwartz’s Take On GOP Promises

The GOP’s statement read, “Republicans will end Democrats’ unlawful and unAmerican crypto crackdown and oppose the creation of a Central Bank Digital Currency. We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control.”

This declaration spurred a variety of responses from the public, prompting Schwartz to engage in a nuanced discussion. When one user suggested voting for the Republicans based on their crypto stance, Schwartz replied, “If you’re a one-issue voter, then certainly.” This comment highlights the Ripple CTO’s sensible approach to political endorsements based on specific policy interests.

However, Schwartz’s skepticism about the genuineness of political promises was evident. Responding to a user who dismissed the GOP’s stance as a typical campaign promise, he concurred. The Ripple CTO stated, “I agree. This sounds really good, and it’s huge progress that was virtually unthinkable three months ago. But talk is cheap and there’s no guarantee there will be any follow through.”

Another user commented about the political maneuvering and the historical context of the GOP’s actions. They particularly referenced Jay Clayton, a former SEC Chairman appointed during Donald Trump’s presidency. His tenure included significant actions and decisions regarding crypto regulation. Some of these actions have been controversial within the crypto community.

Ripple CTO acknowledged the user’s skepticism, stating, “I hear you. But I think that from a political point of view, there’s far more downside than upside to that strategy. There will be more elections and there are very, very few voters who see an anti-crypto stance as a plus.”

Also Read: Bitcoin And XRP In Focus Ahead Of Big US Crypto-Political Events, Here’s Why

The post Ripple CTO Deems Republicans “Crazy” For Opposing CBDC appeared first on CoinGape.

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Filed under: News - @ July 11, 2024 11:19 am