Ripple CEO Brad Garlinghouse questions ’60 Minutes’ omission of key XRP legal victory Ripple CEO Brad Garlinghouse questions ’60 Minutes’ omission of key XRP legal victory
Garlinghouse voices disappointment over 60 Minutes interview, points out Ripple's compliance and cross-border transactions success.
2 min read
Updated: Dec. 9, 2024 at 1:49 pm UTC
Christopher Michel / CC BY-NC-ND 2.0 / Flickr. Remixed by CryptoSlate
Brad Garlinghouse, CEO of Ripple, has publicly expressed dissatisfaction with how CBS News’ 60 Minutes portrayed his interview.
The Dec. 8 episode, which condensed a 90-minute discussion into a 60-minute segment, omitted key details that Garlinghouse believes were crucial to accurately depicting Ripple’s legal battles and the broader crypto landscape.
In a Dec. 9 post on X, Garlinghouse pointed out that the program failed to mention a pivotal July 2023 rulingย in which a federal judge declaredย XRP not a security when traded on public exchanges. This decision, which directly counters claims made during the segment by former SEC official John Reed Stark, represents a significant legal milestone for Ripple.
Garlinghouse criticized the omission, arguing that it led to an incomplete and misleading narrative about XRP’s regulatory status. The Ripple boss stated:
“60Minutes shockingly left out that a Federal Judge ruled that XRP is not a securityโฆGenslerโs shill (John Reed Stark) knows better despite his comments that 60Minutes chose to air.”
He also challenged Stark’s dismissal of crypto as lacking utility, likening it to early skepticism toward the internet. He emphasized that Ripple already enables billions of dollars in cross-border transactions for institutional clients using XRP while complying with regulations like know-your-customer (KYC) protocols.
Garlinghouse argued that such real-world use cases highlight blockchain’s transformative potential, a point largely overlooked in the 60 Minutes segment.
Additionally, Garlinghouse shared insights from Neil Hartner, a software engineer at Ripple, who clarified a common misconception presented in the interview that XRP is not Ripple’s proprietary token.
Hartner emphasized that XRP operates on a decentralized, public ledger, with Ripple being just one prominent participant in its ecosystem.
The interview
While critical of the coverage, Garlinghouse acknowledged the episode’s spotlight on crypto’s growing influence in US politics. Ripple and other industry leaders have significantly shaped political discussions and election outcomes.
Garlinghouse described the recent US election as a turning point for the crypto industry. He highlighted efforts by Fairshake, a crypto-focused political action committee (PAC), which supported most candidates who went on to win congressional seats. Notably, 85% of Fairshake-backed candidates were victorious, including 29 Republicans and 33 Democrats.
Ripple contributed $45 million to Fairshake’s efforts, joining other prominent donors like Coinbase and Andreessen Horowitz. Together, these contributions funded voter education campaigns and pro-crypto candidate advertisements. The total donations exceeded $204 million, helping secure key legislative allies for the crypto industry.
Garlinghouse also noted the impact of President-elect Donald Trump’s surprising shift toward a pro-crypto stance during the campaign. This change, he suggested, further aligned the crypto community with his platform.
“I think it’s clear that Donald Trump embraced crypto and crypto embraced Donald Trump,” Garlinghouse stated.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Theย XRP Ledgerย is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
a16z
Andreessen Horowitz (known as “a16z”) is a venture capital firm in Silicon Valley specializing in investing in seed, start-ups, early, mid-stage, growth, and late stage.
Brad Garlinghouse stands at the forefront of financial technology as the CEO of Ripple.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.