cryptojournalist
Garlinghouse Critiques 60 Minutes for Incomplete Coverage
Brad Garlinghouse, CEO of Ripple, took to social media to criticize 60 Minutes for leaving out important details in its Dec. 8 segment about Ripple’s role in U.S. elections and the ongoing legal battle with the SEC. He pointed out that the show failed to mention a key court ruling in July, which decided that XRP was not a security in some situations.
The segment discussed Ripple’s financial backing of the political action committee Fairshake, which supports pro-crypto candidates. It also covered the SEC’s lawsuit against Ripple over XRP, accusing the company of selling XRP as an unregistered security.
The Missing Ruling
Garlinghouse was upset that the segment omitted the fact that a judge had ruled XRP was not a security when sold on digital exchanges. Instead, the program aired comments from former SEC official John Reed Stark, who insisted that XRP should still be considered a security. Garlinghouse disagreed, stating that Stark’s comments were misleading.
Ongoing Legal Dispute
The SEC sued Ripple in December 2020, claiming that XRP was an unregistered security. While Ripple was fined $125 million in August, the legal battle continues with both the SEC and Ripple appealing the court’s decisions.
XRP’s Comeback
After the August ruling, XRP regained its spot as the third-largest cryptocurrency by market cap. Investors are showing renewed interest in XRP, and some asset managers have applied to launch exchange-traded products (ETPs) linked to the token.
Garlinghouse also suggested that Ripple’s PAC, Fairshake, might not exist if the SEC had a different approach to digital assets under Chair Gary Gensler’s leadership.
