Ripple’s Chief Technology Officer, David Schwartz, has adopted a cautiously optimistic stance regarding U.S. Vice President Kamala Harris’ proposals aimed at establishing robust safeguards for cryptocurrency protection.
While acknowledging the potential benefits of clearer regulations, Schwartz remains guarded, recognizing the complexities and nuances involved in crafting effective crypto policies.
As the industry eagerly awaits concrete developments, Schwartz’s measured enthusiasm reflects the delicate balance between innovation and oversight.
Kamala Harris is making big moves to win over Black American voters as she runs for president. She’s announced plans to support the community, including protecting cryptocurrency assets by establishing rules for the industry.
This is part of her “Opportunity Economy” platform, which aims to create an economy where people don’t just get by, but get ahead. Harris wants to provide a safe and secure environment for investors. By establishing clear rules and regulations, she hopes to protect investors and promote growth in the industry.
Kamala Harris’ campaign highlights that 20% of Black Americans have engaged with cryptocurrencies, emphasizing the need for industry protection. This isn’t surprising, given that Black consumers are more likely to own cryptocurrencies than traditional assets like stocks and mutual funds.
Ripple CTO Sees Harris’ Crypto Pledge as Positive News
Harris’ crypto policy statements have been making waves in the crypto community. Ripple CTO is one of the notable voices weighing in even though he has expressed cautious optimism about Harris’ plans to protect crypto. Schwartz reacted to Harris’s statement saying, “I guess this is good news”.
XRP enthusiasts are unhappy with Schwartz’s reaction, largely due to their dissatisfaction with the current administration’s appointment of Gary Gensler as SEC Chairman. Some enthusiasts feel he’s not doing enough to challenge Gensler’s leadership.
Gensler’s leadership has been a subject of controversy, with many crypto enthusiasts feeling that his policies are overly restrictive.
The XRP community’s frustration with Gensler stems from the SEC’s lawsuit against Ripple, which they feel was unjustified. The SEC’s appeal has added another layer of complexity to the already contentious lawsuit.
By filing a notice to appeal earlier this month, the SEC is challenging the ruling that programmatic XRP sales to retail investors didn’t break securities laws. By implication, this appeal could extend the lawsuit’s resolution to 2026.
Many XRP community members are skeptical about Kamala Harris’ crypto promises, thinking she’s just trying to win over crypto voters. They believe Harris won’t implement favorable crypto policies if she becomes president given the current administration’s hostile treatment of crypto.
This skepticism is understandable, especially considering the SEC’s lawsuit against Ripple and the ongoing regulatory uncertainty in the crypto space.
Ripple CTO: Harris’ Crypto Policy ‘Better Than Nothing’
Consequently, an X user asked David Schwartz if he believed in Kamala Harris’s promise regarding crypto policy. His response was cautiously optimistic, stating that Harris’ statement on crypto policy is “better than nothing”. This implies that while Harris’ plans may not be perfect, they’re a step in the right direction for the crypto community.
Schwartz is looking for more specificity from U.S. Vice President Kamala Harris regarding her crypto policies. He wants Harris to outline clear steps for the industry, indicating that her initial statement is just the beginning. Essentially, Schwartz is seeking a detailed roadmap for crypto regulation, which would provide clarity and direction for the industry.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Harris Wins Over Crypto Backers Despite Policy Uncertainty
Kamala Harris has started unveiling her plans for the crypto sector, although some details are still under wraps. Her economic plan outlined in an 82-page document, barely touches on digital assets, mentioning them only once.
This scarcity of mention suggests that digital assets aren’t a core component of her economic strategy. Instead, her plan focuses on building an “Opportunity Economy” that prioritizes middle-class growth, affordable healthcare, and education.
Despite her economic plan’s limited focus on digital assets, she has garnered support from influential figures in the crypto space. Notable endorsements include J.P. Theriot, the co-founder of Uphold, a popular cryptocurrency exchange and wallet platform, and Chris Larsen, the co-founder of Ripple.
These endorsements suggest that key crypto industry players believe Harris’s overall economic vision and policies will foster a favorable environment for digital assets, even if they’re not explicitly outlined.
Kamala Harris received a significant boost in her presidential campaign from Chris Larsen, who donated $1 million worth of XRP to a super PAC supporting Harris’ run.
This endorsement is particularly notable given Harris’ stance on cryptocurrency, which is seen as more favorable than that of her boss, President Joe Biden, but not as pro-industry as Donald Trump’s.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
