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Ripple CEO Slams 60 Minutes for Omitting Key XRP Legal Win and Crypto Facts
Brad Garlinghouse, CEO of Ripple, has expressed dissatisfaction with his recent 60 Minutes interview, claiming the program failed to address a crucial court decision involving XRP.
The discussion, led by Margaret Brennan, focused on crypto regulations and Ripple’s legal battles with the U.S. Securities and Exchange Commission (SEC).
Garlinghouse stated that Ripple has consistently sought regulatory clarity, saying,
“We haven’t been asking to be deregulated. We’ve been asking to be regulated.”
He stressed the need for “clear rules of the road” to guide the industry. Ripple, he added, operates within regulatory frameworks and facilitates billions in KYC-compliant global transactions.
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. A few things I do want to comment on after watching:I spoke with Margaret…
— Brad Garlinghouse (@bgarlinghouse) December 9, 2024
Key Court Ruling Excluded from Discussion
The interview notably omitted a recent federal court ruling, which concluded that XRP is not a security when traded on secondary markets. Garlinghouse described the ruling as a milestone in Ripple’s ongoing legal battle with the SEC, arguing that its exclusion created an incomplete narrative.
Instead, the segment featured comments from John Reed Stark, a former SEC official, who suggested that many judges still view cryptocurrencies as securities. This perspective, Garlinghouse argued, contradicts the court’s decision in Ripple’s case.
“I went to Harvard Business School. I think I understand securities, and XRP is not one,” he said.
The crypto community criticized the omission, stating that the lack of context undermined Ripple’s legal position and misrepresented the progress being made toward clearer regulations.
Ripple’s Role in Cross-Border Payments Ignored
Another concern raised by Garlinghouse was the absence of any discussion about Ripple’s advancements in cross-border payments. Ripple utilizes XRP to streamline international transactions, offering a faster and more affordable alternative to traditional banking systems.
Garlinghouse highlighted Ripple’s impact, noting that major financial institutions, including JPMorgan Chase, are now adopting blockchain technology. He compared the skepticism toward cryptocurrencies to the early days of the internet, saying that blockchain is undergoing a similar phase of misunderstanding before broader acceptance.
Despite these innovations, the program failed to address Ripple’s contributions to financial technology or its compliance with stringent regulations, which include billions of dollars in legally-compliant transactions facilitated for institutional clients.
Crypto Community Pushes Back Against 60 Minutes
The broader crypto community has also expressed frustration with the 60 Minutes segment, accusing the program of perpetuating negative stereotypes about the industry. Many took issue with claims that cryptocurrency lacks utility and is primarily associated with illicit activities.
One criticism involved the program’s focus on political donations by crypto companies, including Ripple. 60 Minutes reported that crypto firms accounted for a third of all corporate donations to Super PACs during the last election cycle, totaling $144 million. Critics claimed this angle unfairly associated the industry with political controversies.
Some community members called the interview a “set-up,” arguing it was intended to undermine Ripple’s achievements and cryptocurrency as a whole. Others described the coverage as biased and incomplete, emphasizing that blockchain and cryptocurrency are increasingly gaining recognition in mainstream financial systems.
As of press time, XRP is trading at $2.40, reflecting a 5.1% decline, which some analysts link to the program’s failure to emphasize Ripple’s legal win and operational progress.
The post Ripple CEO Slams 60 Minutes for Omitting Key XRP Legal Win and Crypto Facts appeared first on Coinfomania.
The discussion, led by Margaret Brennan, focused on crypto regulations and Ripple’s legal battles with the U.S. Securities and Exchange Commission (SEC).
Garlinghouse stated that Ripple has consistently sought regulatory clarity, saying,
“We haven’t been asking to be deregulated. We’ve been asking to be regulated.”
He stressed the need for “clear rules of the road” to guide the industry. Ripple, he added, operates within regulatory frameworks and facilitates billions in KYC-compliant global transactions.
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. A few things I do want to comment on after watching:I spoke with Margaret…
— Brad Garlinghouse (@bgarlinghouse) December 9, 2024
Key Court Ruling Excluded from Discussion
The interview notably omitted a recent federal court ruling, which concluded that XRP is not a security when traded on secondary markets. Garlinghouse described the ruling as a milestone in Ripple’s ongoing legal battle with the SEC, arguing that its exclusion created an incomplete narrative.
Instead, the segment featured comments from John Reed Stark, a former SEC official, who suggested that many judges still view cryptocurrencies as securities. This perspective, Garlinghouse argued, contradicts the court’s decision in Ripple’s case.
“I went to Harvard Business School. I think I understand securities, and XRP is not one,” he said.
The crypto community criticized the omission, stating that the lack of context undermined Ripple’s legal position and misrepresented the progress being made toward clearer regulations.
Ripple’s Role in Cross-Border Payments Ignored
Another concern raised by Garlinghouse was the absence of any discussion about Ripple’s advancements in cross-border payments. Ripple utilizes XRP to streamline international transactions, offering a faster and more affordable alternative to traditional banking systems.
Garlinghouse highlighted Ripple’s impact, noting that major financial institutions, including JPMorgan Chase, are now adopting blockchain technology. He compared the skepticism toward cryptocurrencies to the early days of the internet, saying that blockchain is undergoing a similar phase of misunderstanding before broader acceptance.
Despite these innovations, the program failed to address Ripple’s contributions to financial technology or its compliance with stringent regulations, which include billions of dollars in legally-compliant transactions facilitated for institutional clients.
Crypto Community Pushes Back Against 60 Minutes
The broader crypto community has also expressed frustration with the 60 Minutes segment, accusing the program of perpetuating negative stereotypes about the industry. Many took issue with claims that cryptocurrency lacks utility and is primarily associated with illicit activities.
One criticism involved the program’s focus on political donations by crypto companies, including Ripple. 60 Minutes reported that crypto firms accounted for a third of all corporate donations to Super PACs during the last election cycle, totaling $144 million. Critics claimed this angle unfairly associated the industry with political controversies.
Some community members called the interview a “set-up,” arguing it was intended to undermine Ripple’s achievements and cryptocurrency as a whole. Others described the coverage as biased and incomplete, emphasizing that blockchain and cryptocurrency are increasingly gaining recognition in mainstream financial systems.
As of press time, XRP is trading at $2.40, reflecting a 5.1% decline, which some analysts link to the program’s failure to emphasize Ripple’s legal win and operational progress.
The post Ripple CEO Slams 60 Minutes for Omitting Key XRP Legal Win and Crypto Facts appeared first on Coinfomania.
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