Ripple CTO Takes Aim at Bank Lobby Amid License Backlash
Main Idea
Ripple CTO David Schwartz criticizes the banking lobby's efforts to block crypto integration into the U.S. financial system, framing their resistance as fear-driven rather than based on legitimate concerns.
Key Points
1. Ripple's push into the U.S. banking system has faced backlash from the American Bankers Association, which called for regulators to freeze crypto bank applications.
2. Schwartz argues that legacy institutions would halt progress if given the chance, emphasizing their resistance stems from fear rather than valid objections.
3. Ripple applied for Federal Reserve integration via Standard Custody, aiming to access Fed-level payment infrastructure, a move opposed by traditional banks.
4. The ABA's pressure on the OCC is seen as an attempt to stall Ripple's progress, highlighting a broader conflict between crypto firms and legacy financial institutions.
5. The OCC and the Fed must now decide on Ripple's application, a decision that could shape the future of crypto integration into traditional finance.
Description
Ripple CTO David Schwartz has message for bankers trying to shut out crypto
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