SWIFT’s CIO Slams Ripple: ‘Lawsuits = Weakness? 💸⚖️’

by

Tom Zschach, the illustrious Chief Innovation Officer of SWIFT, took a rather pointed jab at Ripple in a recent social media outburst. 🤡 “Surviving lawsuits isn’t resilience,” he declared, as if the very notion of legal battles were a sign of frailty. 🧠

Zschach, ever the philosopher of finance, insists that “neutral, shared governance” is the true mark of strength. One might ask: what is this “neutral governance” if not a fancy way of saying “no one’s in charge, but everyone’s in on it”? 🤷‍♂️

“Institutions don’t want to live on a competitor’s rails,” he quipped, as if banks were mere ponies tethered to a single cart. 🐴

What neutral governance means

Neutral governance, one might say, is the holy grail of decentralization-where no single entity, be it a corporation or a rival, holds the reins. 🐎💨

SWIFT, that paragon of collective control, is supposedly “jointly controlled by thousands of banks.” A charming illusion, akin to a democracy where everyone votes but only one person counts. 🗳️

Zschach, ever the statesman, suggests banks prefer “neutral infrastructure” over the whims of a single company. A bold claim, considering Ripple’s XRP Ledger is as decentralized as a monarchy. 🏰

Compliance is more than working with regulators

Zschach, ever the pedant, insists compliance isn’t just about “getting along with regulators.” It’s about “ensuring an entire industry agrees on shared standards”-a feat as likely as herding cats with a net. 🐱

Absorbing the best of public chains

In a grand LinkedIn monologue, Zschach (former Barclays Capital honcho) dismisses public chains as “fast engines with no cockpit.” A poetic way of saying, “We’ll take the tech, but not the chaos.” 🚀

He’s confident traditional finance will “absorb” the best of blockchains, all while keeping the rules firmly in their own hands. A masterclass in irony, if ever there was one. 🤯

Read More

2025-09-02 09:01