Ripple CEO Slams '60 Minutes' for Ignoring XRP's Legal Victory, Key Cryptocurrency Facts

Ripple CEO Brad Garlinghouse expressed his displeasure with 60 Minutes’ coverage, saying the program neglected to highlight an important legal decision regarding XRP, which led to an incomplete and unbalanced narrative on cryptocurrency issues.

The interview focused on discussions surrounding regulatory and cryptocurrency issues, as well as Ripple's battles with the U.S. Securities and Exchange Commission (SEC).
During the meeting, Garlinghouse stressed that his company has been seeking legal clarity in the market from the beginning, saying:

“We did not ask to be exempted from regulations, but we asked for clear and specific rules for the market.”

He added that Ripple operates within a strict regulatory framework and facilitates multi-billion dollar international transactions that are compliant with Know Your Customer (KYC) requirements.

Ignoring an important judicial decision

The program ignored a recent court ruling that XRP is not a security when traded on secondary markets. Garlinghouse called the ruling a “major legal milestone” in the company’s battle with the SEC.

He also criticized comments by another guest on the show, former SEC official John Reed Stark, who suggested that judges still consider cryptocurrencies to be securities. This argument, according to Garlinghouse, contradicts a recent court ruling that bolsters Ripple’s position.

Ripple's role in international transfers

The CEO criticized the lack of mention of Ripple’s achievements in facilitating cross-border money transfers using XRP. Ripple is working to provide a faster and cheaper alternative to traditional banking systems, cementing its position as a leading fintech company.

Garlinghouse noted that major financial institutions, such as JPMorgan Chase, have already begun to adopt blockchain technology, considering the current skepticism about digital currencies similar to the criticism that the Internet faced in its early days.

Criticism from the cryptocurrency community

The program has faced widespread criticism from the cryptocurrency community, who have called the coverage biased and unfair. Some of this criticism has focused on the way the program handles political donations from cryptocurrency companies, including Ripple, which reportedly gave around $144 million in the last election.

Impact of Coverage on XRP

After the show aired, XRP fell 5.1% to $2.40, with some analysts suggesting that this was due to the lack of mention of Ripple’s legal and operational achievements in the coverage.

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