Ripple's CTO David Schwartz has sharply criticized Forbes for publishing an article that seemingly downplayed the criminal conviction of former FTX CEO Sam Bankman-Fried.
Criticism of Forbes
David Schwartz expressed dissatisfaction with a Forbes article that reportedly defends Sam Bankman-Fried, suggesting that his lobbying efforts in Washington merit consideration as justification for his criminal actions. Schwartz deemed this perspective unacceptable, emphasizing that no lobbying efforts can excuse theft and abuse of client funds.
Response from the Crypto Community
The Forbes article sparked an immediate backlash within the crypto community. Neeraj Agrawal from Coin Center shared the article on Twitter, leading to discussions among market participants. Many expressed confusion over the notion of justifying fraud through lobbying and regulation.
Unacceptability of Justifying Fraud
Schwartz highlighted that the improper use of customer funds cannot be justified by any actions, including lobbying or regulatory efforts. He stressed that the consequences of such behavior should be evaluated in terms of ethics and law, and that trust in the crypto industry should not be undermined by such narratives.
David Schwartz's stance and the response from the crypto community underscore the need for accountability and adherence to the law within the cryptocurrency sector. Attempts to justify fraud will be seen as a threat to the trust in the industry.
