Ripple CEO Calls Out SEC Veteran Over “Boldfaced Misrepresentations”

For the past few days, Ripple Labs CEO Brad Garlinghouse has remained in the spotlight. His recent interview with 60 Minutes is still trending on X with former US SEC Enforcement official John Reed Stark wading in. While many experts commented on the interview, Ripple CEO took out time to response to John Reed Stark’s 60 Minutes segment and post.

Ripple CEO Debunks Misinformation Claims

The latest war of words began when Ripple CEO called out John Reed Stark for acting as a “Gensler Shill.” This claim stems from the omission of some important aspects of Garlinghouse’s discussion on 60 Minutes

The call out comes as the former SEC staff made claims that aired without fact-checking. For more context, the Ripple CEO said the media firm left our crucial facts like a Federal Judge ruling that XRP is not security. However, the media house aired claims from Reed Stark that crypto faciliates crimes, and has no utility.

In response, Reed Stark denounces claims that he is anyone’s shill. He also noted that despite his own strong opinion about crypto, the US SEC need to end its enforcement action. Brad Garlinghouse said while he may not be a Gensler-shill, the “boldfaced misrepresentations” sounded like “Gensler talking points.”

John, while you may not know Gensler, you sounded an awful lot like him with statements that are boldfaced misrepresentations (a polite way of saying LIES) – they certainly sounded like Gensler talking points. “No licensure, no utility, all Judges have said tokens are securities,…

— Brad Garlinghouse (@bgarlinghouse) December 9, 2024

The Ripple CEO further defended digital assets, noting that crypto is not the main issue of the society. He reiterated that the US SEC’s role in cracking down on the market is the maor challenge. The payments service leader, however, said he agrees with John Reed Stark that all enforcement actions should end.

Changes to the US SEC Under Donald Trump

A major part of the 60 Minutes interview is the role of crypto Super PAC Fairshake in the elections. With a recent $25 million donation to the PAC, Ripple ranks as one of its biggest backers. As highlighted, the firm has a big role to in the Republican Party’s victory in the last election a crypto voters had a say.

With the Donald Trump victory, John Reed Stark said the voters has handed him a pro-crypto mandate. As such, he believes and is advocating for a halt to all enforcement actions.

The President-elect has already nominated Paul Atkins to lead the agency starting in January. Industry leaders like Brad Garlinghouse has commended the Atkins’ nomination whom many believe will pilot the agency to take a more pro-crypto stance.