Ripple CEO Brad Garlinghouse appeared on 60 Minutes on December 8, 2024 to discuss the company’s ongoing legal battle with the US Securities and Exchange Commission (SEC).
Ripple CEO on 60 Minutes!
Brad Garlinghouse drew attention during his highly anticipated speech on the “60 Minutes” program. Because he stated that the cryptocurrency industry does not want to be deregulated. He stated that they do not want to be released, they want to be regulated. According to the Ripple boss, the cryptocurrency industry just wanted “clear rules of the road”. Garlinghouse criticized the SEC’s approach, noting that this was a key reason why Ripple and two other companies formed the industry’s super PAC, FairShake, to fight what he described as the “war on crypto.” He suggested that FairShake might not exist if the SEC had a different chairman than Gary Gensler.
Garlinghouse recalled the FIT 21 bill, which aims to create a new regulatory framework for crypto assets. The law in question was passed by the US House of Representatives in May. Former SEC official John Reed Stark also took part in the “60 Minutes” episode. During the interview, the famous critic of the industry described crypto as a “scourge”. He made the following statements:
Crypto is a scourge. It’s not something you want to have in your society. It’s just pure speculation. There is no balance sheet for crypto. There are no financial statements. And every cryptocurrency is a security. I’ve read every case. I’ve read every motion. And the judges have said over and over again that these are securities.
Response to criticism
When Stark said that the amount the crypto industry spends on legal defense is minuscule compared to the losses investors face due to fraud and market failures, Garlinghouse laid out Ripple’s financial contributions and revealed that the company has spent more than $150 million to fight the SEC’s stance against XRP. He noted that Ripple has stated that XRP should not be treated like a stock. He said he also argued that it should be subject to the same registration and disclosure requirements. Garlinghouse made the following statements:
I went to Harvard Business School, and I think I’m pretty smart about something like, “What is a security?” So I never once considered the possibility of: “Okay, maybe XRP is a security. We don’t want to be deregulated. We want to be regulated. So we were saying, “Hey, look, just give us clear rules of the road.”
How has the XRP price moved?
Ripple’s cryptocurrency XRP is currently experiencing a pullback, falling to $2.44. At the time of writing, it was trading at $2.44, down 1%. Ripple’s blockchain-based payment system continues to attract attention. Meanwhile, investors are optimistic about the future of the crypto industry, especially under a potential Trump presidency. Earlier, the price of XRP saw a spike following speculation about a possible meeting between Garlinghouse and President-elect Trump, as well as news about the resignation of SEC Chairman Gary Gensler.
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