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ETH 
XRP The allegations surrounding ETHGate have been circulating for years. The theory holds that while the U.S. Securities and Exchange Commission (SEC) is actively cracking down on XRP and other competing crypto projects, it also provides preferential supervision to Ethereum. Today, one of the most credible voices in the XRP ecosystem shares his opinion, with a more restrained view than many expected.
David Schwartz, chief technology officer emeritus of Ripple, spoke directly about ETHGate in a post that attracted widespread attention:
"I don't have conclusive evidence, but I think it's more likely that other competing crypto projects are behind it. I'm not sure why I think so, so I welcome different opinions."-- David 'Joel Katz' Schwartz, July 12, 2026
Schwartz's Views
In response to a question about whether a "central bank cartel" was deliberately trying to destroy the crypto industry to protect its monopoly position, Schwartz admitted the limitations of his knowledge. He said there was a lack of conclusive evidence to support the theory. He offered an alternative view that competing crypto projects could be behind the SEC's enforcement actions. He acknowledged uncertainty in his reasoning and welcomed different opinions. When pressed further, he specifically talked about ETHGate. He was once again clear about what he knew and what he did not know. "I don't have conclusive evidence, but I do feel like it's more real than fake."
Background of his comments
The conversation began with a post titled UnknowDLT, which quoted Ripple CEO Brad Garlinghouse as describing the company's close proximity to shutting down due to an SEC lawsuit. The topic evolved into a broader discussion of what were the motivations for the SEC's enforcement decisions. Schwartz stepped in and gave a more down-to-earth interpretation. He refuted conspiracy theories of bank cartels, arguing that the competitive dynamics among crypto projects better explain why certain enforcement decisions were made the way they were.
Schwartz is not a marginal figure in this story. He was one of the original architects of the XRP ledger. He experienced firsthand the lengthy SEC lawsuit against Ripple, which severely slowed the growth and popularity of XRP. His views on the drivers of regulatory behavior have real credibility.
Summary
Schwartz did not make a strong assertion. He admitted a lack of conclusive evidence. Although well-known figures like Charles Hoskinson have previously dismissed ETHGate as a conspiracy theory, Schwartz made clear that to him, it feels more real than fake. Speaking publicly in his position promoted the progress of the dialogue without exaggerating what is currently known. The debate continues over whether Ethereum has received preferential regulatory treatment. Schwartz's comments added an important data point to the record.
