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Highlights
- Ripple CEO criticized the SEC's war on crypto and explained the need for regulation soon.
- During the 60 Minutes interview, Brad explained the PAC formation and how the Ripple SEC case cost them $150M.
- He mainly blamed the SEC chair, Gary Gensler, and his approach towards the crypto industry.
Brad Garlinghouse, the Ripple CEO, has a major impact on the crypto market with his superior position and active involvement with the community. Interestingly, besides establishing the most popular blockchain network and launching the third biggest cryptocurrency, XRP, Ripple has also played a role in the 2024 US election outcome, as discussed during his appearance on 60 Minutes. However, the highlight of the day is the firm spending $150M in this Ripple SEC Case, in which the current SEC chair, Gary Gensler, is to blame, claims Brad.
Brad Garlinghouse Revealed Ripple Struggles With SEC
Brad Garlinghounse recently appeared in a CBS 60 Minutes interview. He discussed various topics, ranging from Ripple’s struggles with the SEC to political action committees’ influences on the recent US election.
As the Ripple SEC Case has been going on for years, it has heavily impacted Ripple and its native token. As per the SEC’s claims, XRP is an unregistered security and not a commodity. However, this is behind the XRP price crash and struggles over the years. More importantly, Brad Garlinghouse argues that this is a “war on crypto, ” influenced by Gary Gensler, during CBS’s interview.
Gary is the current SEC Chair and the most hated personality in the crypto industry. In his leadership, the SEC has filed more than 120 lawsuits against crypto service providers, restricting the industry’s growth. Among these, the most famous one is around XRP, as it has been going for the longest. However, the Ripple CEO once again discarded the claims of XRP’s security status during the 60-minute interaction. He claimed that he does not see any similarity between security and XRP.
I think I’m reasonably intelligent about something like, ‘What is a security?’ Never once had I considered the possibility that XRP is a security,” said Brad Garlinghouse.
More importantly, this war on crypto does not only impact the XRP price. Brad revealed that the firm has spent more than $150M battling the Ripple SEC Case. Other SEC-challenged crypto businesses have also faced the same monetary challenges.
Fairshake Wouldn’t Have Existed Without Gary Gensler
During the CBS interview, Brad Garlinghouse clarified that due to the SEC’s war on crypto, Ripple and other companies formed a superpack Fairshake. While explaining why Fairshake came into existence, the host asked if the outcome would have been different with some other SEC chair instead of Gary Gensler. Brad simply replied, “I’m not sure Fareshake would have existed.”
The entire crypto community is welcoming the next SEC pick Paul Atkins, including Brad, which clearly confirms his acknowledgment that things would have been different in a different leadership.
Fairshake was launched in 2023, three years after the Ripple SEC case. Three firms collectively launched a federal-independent expenditure-only committee to battle the SEC Chair, as its creation alone was the outcome of Gary Gensler and the SEC’s stance on cryptos.
Many might think that the crypto industry’s demand to remove the SEC’s share in crypto regulation is for profitable and unregulated benefits. However, Brad Garlinghouse explained how they are not looking for deregulation but regulation. Interestingly, the same is what Trump might be working on as he wants to move the regulatory responsibility to the CFTC from SEC.
We’ve been asking to be regulated. Just give us clear rules of the road.
Brad Garlinghouse Unhappy With 60 Minutes Interview
The 60-minutes interview is now live but has left the Ripple CEO, Brad Garlinghouse, and the crypto community unhappy with the misguided publication. Interestingly, the interview covered many aspects, but they failed to mention Key details about XRP and Ripple operation, said Brad Garlingouse in a recent X post.
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
More importantly, they missed the part that mentioned the Federal Judge’s ruling that XRP is not a security. Instead, they aired former SEC official John Reed Stark’s interview segment, which claimed that major US Judges believe that XRP is a security.
The Ripple SEC case has already caged the XRP’s price performance but the misinformation about the crypto asset is still impacting its performance. However, things might get into the better picture with Gary Gensler’s resignation.
Overall, the interviews have failed many investors’ expectations, as 60 Minutes missed many important aspects of XRP and Ripple strategies. More importantly, it failed to push the XRP price to $3, which many analysts have anticipated past the interview release.
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