US Ban On BTC Will Be A Stumbling Block For XRP, Says Ripple's CTO

XRP is considered to be affected if the US government bans Bitcon (photo: Ripplecoinnews)

JAKARTA – Ripple's Chief Technology Officer (CTO), David Schwartz, recently stated that the US government ban on Bitcoin would be a disaster for Ripple (XRP). The same is true for Ethereum which could potentially be classified as a security as U.Today reports.

Schwartz said this in response to Nic Carter's post from Castle Island Ventures accusing the San Francisco-based blockchain company of trying to undermine the dominance of the two largest cryptocurrencies in the world, namely BTC and ETH.

In addition, Ripple CEO, Brad Garlinghouse, also briefly satirized the use of energy in Bitcoin mining which was considered inefficient. In April, Garlinghouse revealed that XRP is 100,000 times more efficient than BTC. However, the Ripple boss clarified that he is not advocating banning Bitcoin.

Meanwhile, the former CEO of Ripple, Chris Larsen, issued a more aggressive action against BTC. Larsen urged regulators to penalize BTC miners and encourage Bitcoin to switch to a Proof of Stake (PoS) consensus algorithm as Ethereum will. As is known, currently Bitcoin is still using the Proof of Work (PoW) consensus which is known to use more energy and is not environmentally friendly.

Schwartz himself has often criticized the PoW algorithm and called it a “technological dead end.” He also added that BTC is not fully decentralized which makes it vulnerable to hacker attacks.

Currently, Ripple and the SEC are still at court over the issue of selling XRP which is not registered with the US Securities and Exchange Commission (SEC). Garlinghouse alleged that Ether managed to surpass XRP because of unfair actions. He also believes that if the case is completed, it will provide clarity on regulations regarding whether XRP is included in securities or not.

As of writing, the price of XRP is trading at the level of IDR 10,965. XRP has decreased by 1.5 percent in the last 24 hours as data reports from Coingecko.