David Schwartz has become a well-known figure in the cryptocurrency industry due to his work at Ripple Labs. He announced that he will step back from his daily responsibilities as Chief Technology Officer and will no longer participate in the company's daily operations.
On Tuesday, Schwartz posted on social platform X that after working at Ripple for over 13 years, he will gradually reduce his responsibilities at the company. Schwartz joined Ripple in 2011 as a cryptographer and was promoted to Chief Technology Officer in 2018.
Schwartz stated on social platform X: "By the end of this year, I will step back from my daily role as Ripple's Chief Technology Officer. I look forward to having more time to spend with my children and grandchildren and to re-engage with hobbies that I had set aside. But rest assured, I will not be leaving the XRP community; you will still see me around (now or in the future)."
Schwartz mentioned that he will continue to stay at Ripple as an honorary Chief Technology Officer and will join the company's board of directors. CEO Brad Garlinghouse referred to Schwartz as a "true OG" in the crypto industry on social platform X and expressed support for this decision.
A Ripple spokesperson told Cointelegraph that Senior Vice President of Engineering Dennis Jarosch will take over the leadership of the team.
Blockchain analytics platform Nansen reported that after Schwartz's announcement, the price of XRP rose by about 1.4% within hours, increasing from $0.5283 to $0.5387. The token had previously reached an all-time high of about $0.75 in July.
As the fourth largest token by market capitalization at approximately $172 billion, XRP has a group of supporters known as the "XRP Army." As the company behind the XRP Ledger, Ripple has also been growing in scale and influence over the years.
Ripple is one of the major donors to Fairshake (a U.S. political action committee), which may influence the outcomes of several elections in 2024 through media spending. Ripple has donated approximately $70 million to Fairshake for the 2024 elections and the 2026 midterm elections.
Garlinghouse stated in an interview with "60 Minutes" that he was unsure if Fairshake would have been established if the U.S. Securities and Exchange Commission had not filed a lawsuit against Ripple.
The U.S. Securities and Exchange Commission filed the lawsuit in December 2020 under then-chairman Jay Clayton, and the case ended in March when the agency withdrew a key appeal.
Related: The first day of the U.S. government shutdown: Why is the SEC still operational?
Original article: “Ripple CTO to Step Back and Join Board of Directors”
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