Ripple CTO: MetaMask's service is not for profit

David Schwartz, CTO of Ripple, recently expressed support for the company in the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against cryptocurrency company Consensys. Schwartz cited the diamond market as an example of MetaMask’s efforts not being profit-oriented. In his argument in favor of Consensys, Schwartz cited the example of luxury diamond company DeBeer. He stated that MetaMask’s activities do not determine the profits of users, noting that DeBeer’s activities are not profit-centered. He quoted: “MetaMask’s efforts do not determine the profits of users, just as DeBeer’s efforts do not determine the profits of those who hold diamonds.” Schwartz further elaborated on the concept of investment related to MetaMask, adding that MetaMask’s profits are simply the result of external market conditions and user activities, not Consensys’ efforts. Moreover, when comparing tokens and securities, he proposed that “tokens managed by smart contacts cannot make all holders a common enterprise.” (CoinEdition)