Ripple’s Chief Technology Officer, David Schwartz, has sharply criticized Forbes for publishing an article that seemed to minimize the crimes of convicted FTX founder Sam Bankman-Fried (SBF). The piece attempted to justify SBF’s fraudulent actions by highlighting his lobbying efforts in Washington, a stance Schwartz firmly rejected. The controversial Forbes article portrayed SBF as a misunderstood reformer. It claimed his political efforts aimed to shape better crypto regulations for the public good. The piece also argued that SBF’s time in Washington ultimately harmed rather than benefited his personal and financial interests.
Ripple CTO Labels Article a ‘Rewrite of History’
Schwartz did not hold back. He condemned the article for trying to whitewash SBF’s crimes. According to him, no amount of lobbying can excuse the theft and misuse of client funds. He insisted that the severity of the fraud must not be ignored or diluted under the cover of regulatory ambitions.
Neeraj Agrawal of Coin Center shared the article on Twitter, sparking heated discussion. Many in the crypto industry questioned how a reputable outlet could attempt to justify fraud using the language of reform and innovation.
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In response, Schwartz reiterated that the justice system must uphold accountability. Moreover, he noted that SBF’s use of customer funds to cover losses represents a serious breach of trust. Neither innovation nor political connections, he argued, should shield anyone from facing the law.
FTT Tokens Framed as Strategy, Not Crime
The article also tried to reframe FTT tokens as profit-sharing instruments, suggesting SBF acted like an investor rather than a criminal. Schwartz and others in the crypto space rejected this narrative, warning it could normalize fraud in the industry.
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The article even speculated that SBF might receive a presidential pardon in the future. Schwartz dismissed this as dangerous and misleading. He stressed that ethical and legal standards must guide the industry, regardless of political influence.
Schwartz’s statements reflect a wider call within crypto for genuine accountability. He made it clear that innovation and regulation cannot defend actions that break the law. For him and many others, no narrative should ever excuse the misappropriation of client funds.
