David Schwartz, a well-known figure in the cryptocurrency sector due to his association with Ripple Labs, has revealed intentions to “step back from [his] day-to-day responsibilities” at the blockchain firm.
In a Tuesday X post, Schwartz, recognized for his role as one of the architects of the XRP Ledger, announced he would be reducing his duties at Ripple after spending over 13 years with the company. Schwartz joined Ripple in 2011 as a cryptographer and ascended to the position of chief technology officer in 2018.
“The time has come for me to step back from my day-to-day responsibilities as Ripple CTO at the end of this year,” Schwartz shared on X. “I’m genuinely excited to spend more time with my kids and grandkids and return to the hobbies I had to put on hold. However, don’t worry—I’m not leaving the XRP community. You haven’t seen the last of me (not now, nor ever).”
Schwartz will continue at Ripple as chief technology officer emeritus—an honorary title—and will also join the company’s board of directors. CEO Brad Garlinhouse remarked on X that Schwartz was a “true OG in crypto,” praising this transition.
In a statement to Cointelegraph, a Ripple spokesperson indicated that Dennis Jarosch, senior vice president of engineering, will take the lead of the team moving forward.
Related: Ripple’s Schwartz defends low XRPL volume, says banks settle offchain
Data from the blockchain analytics platform Nansen indicated that XRP’s price climbed approximately 1.4% to $2.87 from $2.83 shortly after Schwartz’s announcement. The token had peaked at an all-time high of over $3.50 in July.
Ripple is a significant player in the US and globally
As the fourth largest token by market capitalization, valued at around $172 billion, XRP boasts a dedicated group of supporters known as the “XRP Army.” Ripple, as the entity behind the XRP Ledger, has expanded its size and influence over the years.
Ripple, in collaboration with cryptocurrency exchange Coinbase, was a notable contributor to a US-based political action committee (PAC) called Fairshake, potentially affecting various 2024 election races through media expenditure. The company contributed around $70 million to the PAC for the 2024 election and the 2026 midterms.
Garlinghouse stated in a 60 Minutes interview that he was “not sure Fairshake would exist” had the US Securities and Exchange Commission (SEC) not initiated an enforcement case against Ripple.
The SEC’s case, launched under then-Chair Jay Clayton in December 2020, concluded in March after the regulator withdrew a significant appeal.
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