Key Takeaways:
- Ripple CEO Brad Garlinghouse criticized 60 Minutes for omitting a key July legal ruling that declared XRP not a security in programmatic sales.
- The segment featured SEC allegations against Ripple but excluded context from Ripple’s partial legal victory, drawing criticism for biased reporting.
- Despite legal battles, XRP remains resilient, with significant market interest and regained status among top cryptocurrencies.
Ripple CEO Brad Garlinghouse criticized 60 Minutes for omitting a key legal ruling in the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple during a segment on cryptocurrency’s role in the 2024 U.S. elections.
The segment, led by journalist Margaret Brennan, focused on Ripple’s contributions to the pro-crypto political action committee Fairshake and debates over SEC enforcement.
Crypto made its debut on @60Minutes tonight – there’s no doubt that these technologies will continue to become more and more mainstream – with influence and reach that will only continue to grow.
— Brad Garlinghouse (@bgarlinghouse) December 9, 2024
A few things I do want to comment on after watching:
I spoke with Margaret…
However, Garlinghouse highlighted that it failed to mention a July 2023 federal court ruling that XRP is not a security in programmatic sales on digital exchanges.
He also accused 60 Minutes of misrepresenting facts by airing comments from former SEC official John Reed Stark, who suggested rulings had deemed tokens like XRP to be securities.
The SEC sued Ripple in 2020, alleging that its XRP sales violated securities laws.
Ripple partially won the case in July 2023, but the legal battle continues with appeals from both sides.
The case has fueled debates over the classification of digital assets as securities.
Despite legal challenges, XRP has shown resilience, briefly becoming the third-largest cryptocurrency by market cap after the ruling.
Garlinghouse emphasized the need for balanced regulatory leadership, criticizing SEC Chair Gary Gensler’s approach to crypto regulation.
The omission underscores broader tensions in U.S. crypto policy and media representation.
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