- David Schwartz will step back from his daily role as CTO at Ripple by the end of 2024.
- Schwartz will take on the title of chief technology officer emeritus and join Ripple’s board of directors.
- Dennis Jarosch, Ripple’s senior vice president of engineering, will lead the technology team after Schwartz’s transition.
- Following Schwartz’s announcement, XRP’s price rose about 1.4% to $2.87.
- Ripple was a major donor to the Fairshake PAC, contributing nearly $70 million to influence 2024 and 2026 U.S. elections.
David Schwartz, leading developer and current CTO of Ripple Labs, announced he will leave his daily responsibilities at the company by the end of 2024. Schwartz made his plans public in a post on X, highlighting his intention to spend more time with family.
After working at Ripple for over 13 years, Schwartz said he will continue as chief technology officer emeritus, which is an honorary role. He will also join Ripple’s board of directors. Brad Garlinghouse, the company’s CEO, praised Schwartz, calling him a “true OG in crypto” in a message posted on X. Dennis Jarosch will take over leadership of Ripple’s engineering team, according to a company spokesperson quoted by Cointelegraph.
In response to Schwartz’s announcement, data from analytics platform Nansen showed that the price of XRP went up about 1.4%, rising from $2.83 to $2.87 in the hours that followed. The XRP token reached a high of more than $3.50 in July.
Ripple acts as the main developer behind the XRP Ledger, a blockchain used for digital payments. XRP is the fourth-largest cryptocurrency by market cap at about $172 billion and has a dedicated community of supporters known as the “XRP Army.”
Recently, Ripple and crypto exchange Coinbase jointly donated around $70 million to the U.S.-based political action committee Fairshake for the 2024 and 2026 election cycles. Their goal was to influence American election outcomes through media buys. Garlinghouse said in a 60 Minutes interview that the creation of Fairshake was partly due to an enforcement case brought by the U.S. Securities and Exchange Commission (SEC) against Ripple in December 2020. That case ended in March after the SEC dropped an important appeal.
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