Ripple CTO Reveals Bitter Truth About Modern Crypto Movement, But Here’s Catch
Yuri Molchan Ripple's top executive sad about what crypto movement has become Ripple CTO criticizes crypto movementSchwartz approves of institutional crypto adoption Cover image via U.TodayDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. David Schwartz, the Ripple chief technology officer (CTO) and cofounder of the XRP Ledger, has published a post to share his take on how the crypto movement has changed compared to the earlier years of its existence.While responding to the comments under his post, Schwartz mentioned an earlier period of his life — roughly 20 years ago — when he worked for the U.S. National Security Agency. This organization holds completely opposite values to those of early crypto enthusiasts.Ripple CTO criticizes crypto movementDavid Schwartz tweeted that, in his view, the crypto movement “now looks less libertarian” than it has ever been. This fact makes him a bit sad, the Ripple CTO admitted.The crypto movement now looks less libertarian than it ever has, and that makes me a little sad.— David "JoelKatz" Schwartz (@JoelKatz) January 28, 2025 He did not go into details as to why he sees the crypto movement this way, though. It is likely that he is referring to a recent X post issued by Ripple chief executive Brad Garlinghouse, who spoke about crypto maximalism, criticizing it heavily. Garlinghouse said that he holds not only XRP but also Bitcoin and Ethereum, suggesting that if a strategic U.S. crypto reserve is ever created, it should include not only Bitcoin but also other cryptocurrencies, with XRP among them.The Ripple boss stressed that the crypto industry “has a real shot, here and now, to achieve the many goals” that various crypto communities share. However, if communities of various coins continue to tear each other down, it will be “a zero-sum game.” Related Schwartz approves of institutional crypto adoptionDavid Schwartz admitted: “Maybe it hasn't been very libertarian for a long time, but it definitely was very libertarian once.”When a commentator suggested that perhaps the fact that Wall Street financial institutions are after crypto now, Schwartz said that there is “nothing anti-libertarian about wanting enterprises and institutions to adopt crypto.” He added that “if it's instead of government-backed fiat, that's perfectly consistent with libertarian values.”This nothing anti-libertarian about wanting enterprises and institutions to adopt crypto. If it's instead of government-backed fiat, that's perfectly consistent with libertarian values.— David "JoelKatz" Schwartz (@JoelKatz) January 28, 2025 As he responded to the comments, Schwartz revealed a curious fact – long before creating the XRPL and long before Satoshi Nakamoto created Bitcoin, Schwartz worked for the NSA – the organization that the crypto movement (being libertarian) was ideologically opposed to. That was in early 2001. He stated that he worked there before it “screwed up.” Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. About the author Yuri Molchan Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc. Related articles