Ripple CTO Dismisses Forbes Defense of Sam Bankman-Fried as Nonsense

Ripple Chief Technology Officer David Schwartz has dismissed a Forbes article defending Sam Bankman-Fried’s criminal conviction as “nonsense,” rejecting claims that SBF’s regulatory advocacy efforts mitigate his fraud charges. The controversy centers on Forbes’ assertion that the former FTX CEO’s lobbying in Washington aimed to establish crypto-friendly regulations rather than personal gain. Schwartz, however, emphasized that SBF’s “good deeds” cannot erase the proven fraud. “All the good things in the world that SBF and FTX might have been doing don’t erase the bad things we know were done and the fraud that we know took place,” Schwartz stated on X [1]. He reiterated that criminal actions remain unacceptable regardless of other accomplishments [2].

The Forbes article redefined FTX’s FTT token as a speculative vehicle for customers to “invest in SBF’s crypto expertise” rather than traditional currency. This framing sought to reinterpret the misuse of customer funds as a business strategy. Schwartz aligned with the jury’s guilty verdict, which found SBF had misappropriated funds by transferring money between businesses to mask losses. He stressed that legal standards apply even in innovative sectors like crypto [3]. The article further speculated that SBF’s legal troubles stemmed from market volatility rather than intentional malfeasance—a claim Schwartz and others in the crypto community dismissed [4].

The debate has intersected with the recently passed GENIUS Act, a crypto-friendly legislative bill critics argue could legitimize SBF’s regulatory lobbying as “visionary.” Coin Center’s Neeraj Agrawal amplified the Forbes article on social media, sparking pushback from industry participants who argue that regulatory advocacy should not absolve criminal behavior [5]. Schwartz reiterated that advocacy efforts and criminal conduct are distinct, stating, “Advocacy is separate from criminal conduct” [6].

The Forbes defense has fueled broader tensions within the crypto sector about balancing ambition with accountability. While some view SBF’s lobbying as part of a mission to institutionalize crypto, others stress that legal transgressions cannot be overlooked. Schwartz’s critique reflects a growing demand for ethical rigor in an industry still grappling with trust issues after major scandals. The distinction between regulatory progress and criminal behavior remains a contentious but critical boundary [7].

Source: [1] [title1: Ripple CTO Dismisses Forbes Defense of Sam Bankman-Fried as “Nonsense”] [url1: https://coinedition.com/ripple-cto-dismisses-forbes-defense-of-sam-bankman-fried-as-nonsense/] [2] [title2: Ripple CTO Dismisses Forbes Defense of Sam Bankman-Fried as “Nonsense”] [url2: https://coinedition.com/ripple-cto-dismisses-forbes-defense-of-sam-bankman-fried-as-nonsense/] [3] [title3: Ripple CTO Dismisses Forbes Defense of Sam Bankman-Fried as “Nonsense”] [url3: https://coinedition.com/ripple-cto-dismisses-forbes-defense-of-sam-bankman-fried-as-nonsense/]