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- Ripple CEO Brad Garlinghouse criticized the SEC on 60 Minutes and emphasized the need for clear crypto regulations.
- He highlighted Ripple’s use of XRP for efficient, KYC-compliant cross-border transactions and rejected claims that XRP is a security.
Ripple CEO Brad Garlinghouse appeared on “60 Minutes” on December 8, 2024, to discuss the company’s ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC). Garlinghouse also took a swipe at the SEC’s regulation model, which he said made the three firms form the industry super PAC known as FairShake. He argued that perhaps FairShake would not have been needed if the SEC had a different leadership than the current chairman, Gary Gensler.
According to Garlinghouse, Ripple has spent more than $150 million to defend XRP against the SEC’s position. He stated that XRP is not a security and should be regulated in a different manner based on the nature of digital assets.
“We have been asking to be regulated.” “Just tell us the rules of the road,’ said Garlinghouse, to express Ripple’s need for clear legal definitions instead of a free-for-all approach.
Former SEC Official Criticizes Cryptocurrency
The interview also included John Reed Stark, the former SEC official who called cryptocurrency a “scourge.” Stark argued that the tokens do not have an asset category of typical security, including balance sheets and financial reports.
He argued that cryptocurrencies are securities, citing legal precedent to back his stand. Garlinghouse replied to Star, accusing him of bias and supporting the SEC. He also stated that the current laws are insufficient for dealing with the new technology behind the digital assets.
Garlinghouse countered “60 Minutes” claims that cryptocurrencies have no use, comparing the tokens to the early days of the Internet. He noted that increasingly more traditional financial organisations are turning to blockchain technology; for instance, JPMorgan Chase started using blockchain solutions.
Further, Garlinghouse also explained the part of Ripple in changing the cross-border payments, through which it processed billions of dollars of KYC-compliant transactions for institutional clients. He pointed out that Ripple uses XRP to facilitate faster cross-border transfers than the conventional methods.
Crypto Community Responds to “60 Minutes” Coverage
The crypto community has harshly responded to the “60 Minutes” interview, claiming that the program misled the audience regarding the cryptocurrency market. On X, users claimed that the show conspired to have Garlinghouse discredit cryptocurrency by apparently insinuating that the coins funded the last election.
According to “60 Minutes”, crypto companies made one-third of all direct corporate contributions to Super PACs in the recent election, giving $144 million to pro-crypto candidates in both parties. On X, the interview was described by users as a “hit piece” by corporate media seething with anger over the election results.
However, this has not deterred XRP’s surge. As of this writing, XRP is at $2.43, near the $2.50 mark, with a decline of 3%. Trader DonAlt commented on X that XRP may be preparing for another wave of growth, so the price may continue to rise. This increase has come after XRP has gained more than 470% in the last few weeks.
XRP looks like it wants to go for round two
Absurd— DonAlt (@CryptoDonAlt) December 7, 2024
