Overview
- SWIFT CIO Tom Zschach wrote that “surviving lawsuits isn’t resilience,” arguing institutions will not operate on a competitor’s rails.
- He said banks want neutral, shared governance and sector-wide standards not controlled by any single balance sheet.
- Zschach described public blockchains without legal enforceability, privacy and compliance as “a fast engine with no cockpit.”
- He framed public chains as a useful execution substrate that finance will absorb only once the trust layer is in place.
- Coverage noted long-running criticism of Ripple’s influence over XRP, citing escrow concentrations reported by journalists, while Ripple maintains the XRP Ledger is decentralized.