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- Ripple CEO Brad Garlinghouse criticized 60 Minutes for omitting Ripple’s legal win over the SEC, highlighting XRP’s non-security status per a federal ruling.
- XRP’s value surged, reclaiming its rank as the third-largest cryptocurrency, amid speculation of pro-crypto SEC leadership under Trump.
On December 8, 60 Minutes aired a highly anticipated segment featuring Ripple CEO Brad Garlinghouse and former SEC official John Reed Stark. The program delved into cryptocurrency, covering how Ripple and two other companies collectively donated over $140 million to support pro-crypto political candidates during the last U.S. elections.
Despite touching on notable topics, the program conspicuously omitted details about Ripple’s legal victory against the SEC. Earlier this year, a federal judge ruled that XRP, Ripple’s cryptocurrency, is not inherently a security. Garlinghouse later addressed this exclusion on X, pointing out the significance of this ruling.
“I went to Harvard Business School. I think I’m reasonably intelligent about something like, ‘What is a security?’” Garlinghouse remarked. He added, “We haven’t been asking to be deregulated. We’ve been asking to be regulated. So we have been saying, ‘Hey, look, just give us clear rules of the road.’”
Garlinghouse Challenges Misleading XRP Claims
During the segment, a snippet of Garlinghouse’s perspective on XRP not being a security was included. However, Stark countered this by asserting that U.S. judges have repeatedly deemed cryptocurrencies securities, implying this includes XRP. Garlinghouse responded on social media, challenging Stark’s remarks and accusing him of knowingly misrepresenting facts.
He compared Stark’s comments to the rhetoric of outgoing SEC Chair Gary Gensler, highlighting similarities in their stances. According to Garlinghouse, Stark’s statements implied cryptocurrencies lacked utility beyond facilitating illicit activities, a claim Ripple’s CEO firmly refuted. He criticized 60 Minutes for airing these claims without proper fact-checking.
Still, Garlinghouse acknowledged Stark’s call for the SEC to withdraw its ongoing appeal against Ripple. This appeal remains in the U.S. Court of Appeals for the Second Circuit, with the SEC scheduled to file an opening brief by mid-January 2025.
Pro-Crypto SEC Nominee Shakes Up Markets
Following Donald Trump’s re-election, a pro-crypto advocate has been nominated to lead the SEC. This development has fueled speculation that the agency might abandon its legal battle against Ripple. Investors are closely monitoring these changes, which could reshape the regulatory landscape for cryptocurrencies.
The anticipation has significantly boosted XRP’s value. Over the past week, it reclaimed its spot as the third-largest cryptocurrency by market capitalization. However, at the time of writing, XRP was trading at $2.2, marking a 6.06% decline in the last 24 hours.
Garlinghouse and Ripple’s supporters are hopeful about the future, particularly with the prospect of pro-crypto policies under the new administration. Ripple’s blockchain-based payment system has gained traction globally, reflecting its potential utility beyond speculation.
XRP’s price has been further buoyed by rumors of a meeting between Garlinghouse and President-elect Trump, alongside news of Gary Gensler’s resignation. These developments have cemented Ripple’s growing influence in the crypto sector, sparking optimism about a more favorable regulatory environment.
