Ripple’s CEO criticized 60 Minutes for omitting Ripple’s legal victory and advocating clearer regulations.
Brad Garlinghouse, Ripple CEO, appeared on a 60 Minutes interview, weeks after his participation was confirmed. Margaret Brennan hosted the discussion, focusing on cryptocurrency regulations and Ripple’s legal challenges. The conversation also explored the evolving role of blockchain technology in the financial sector.
In the conversation, Garlinghouse emphasized how the crypto industry has advocated for clearer regulatory guidelines. He noted that Ripple, unlike other firms, consistently sought rules rather than evasion. “We haven’t been asking to be deregulated. We’ve been asking to be regulated,” he asserted, adding that Ripple simply wanted “clear rules of the road”.
Despite the optimistic tone, Garlinghouse expressed frustration at the interview’s portrayal of cryptocurrencies, claiming it missed critical details, particularly about Ripple’s legal victory.
During the segment on Ripple’s lawsuit against the SEC, Garlinghouse highlighted that a federal judge recently ruled that XRP, Ripple’s cryptocurrency, is not a security in itself. However, the program omitted this landmark ruling. Instead, they aired comments from former SEC official John Reed Stark, who claimed that many US judges still consider cryptocurrency securities.
Garlinghouse Defends XRP’s Utility, Not Security
Garlinghouse, a Harvard Business School alumnus, firmly rejected the idea that XRP is a security. He underscored his expertise in securities, stating:
“I went to Harvard Business School. I think I’m reasonably intelligent about something like, “What is a security?” So never once had I considered the possibility – that, “Okay, maybe XRP’s a security.”
The CEO also criticized the show for suggesting that cryptocurrencies lack utility. Drawing parallels to the internet’s early days, he pointed out how blockchain technology is undergoing a similar journey of skepticism. He described such claims as outdated and misinformed, noting how major financial institutions like JPMorgan Chase are now embracing blockchain.
Ripple’s innovations in global payments were notably absent from the program’s narrative. According to Garlinghouse, Ripple’s payment solutions, powered by XRP XRP $2.62 24h volatility: 0.1% Market cap: $157.47 B Vol. 24h: $5.38 B , have transformed cross-border transactions by making them faster and more cost-effective. The company facilitates billions of dollars in Know-Your-Customer (KYC) compliant transfers, a key element often overlooked by critics.
Crypto Community Criticizes 60 Minutes Coverage
The broader crypto community echoed Garlinghouse’s concerns about 60 Minutes’ coverage. Many accused the program of spreading misinformation and downplaying cryptocurrency’s potential. Critics took issue with how the interview juxtaposed Garlinghouse’s comments with claims about crypto fostering illicit activities, a narrative that has long plagued the industry.
At the time of writing, XRP trades at $2.40, reflecting a 5.20% decline. This decline is partly due to Ripple CEO was not able to mention some important points about Ripple’s operations and a key legal decision. However, reports of a possible meeting between Garlinghouse and former President Donald Trump, alongside rumors of SEC Chairman Gary Gensler’s resignation, are expected to fuel the XRP rally.
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