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Brad Garlinghouse made his debut on CBS's 60 Minutes but his appearance has been shrouded in controversy after the disgruntled Ripple CEO revealed the show omitted certain important information.
Dating back to a 2020 lawsuit, the SEC had accused Ripple of conducting an unregistered securities offering worth $1.3 billion by selling XRP. In 2023, the judge in the Southern District of New York ruled that XRP is “not necessarily a security on its face.”
During the 60 Minutes interview, host Margaret Brennan mentioned how Ripple has spent over $150 million fighting the SEC's claim that XRP is an unregistered security.
"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, OK, maybe XRP's of security. I've read every case I've read every motion, and judges have said over and over again that these are securities and they haven't said it like this," Garlinghouse said to Brennan.
However, Garlinghouse took to X to say the show "shockingly left out that a Federal Judge ruled that XRP is not a security."
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.
— Brad Garlinghouse (@bgarlinghouse) December 9, 2024
A few things I do want to comment on after watching:
I spoke with Margaret…
He also took a swing at former SEC official John Reed Stark, who was also featured on the 60 Minutes episode. "Gensler’s shill (John Reed Stark) knows better despite his comments that 60Minutes chose to air," Garlinghouse tweeted.
Stark, who claims he has "never spoken, met, or even been in the same room as Gary Gensler,” said on 60 Minutes that crypto is a "scourge."
I wish you and all the XRP supporters all the best Brad and as I mention in the 60 Minutes online segment, lots of digital asset investors are friends of mine (including @Scaramucci, my close friend of over 50 years, since we were 10 years old).
— John Reed Stark (@JohnReedStark) December 9, 2024
I have often found that for many… https://t.co/Zz1i0SPNAJ
"It's not something that you want in your society. It has no utility. it's just pure speculation," he added.
“It was definitely a war on crypto,” says John Reed Stark, former SEC official. He believes Donald Trump’s win gives him a mandate to govern: “The SEC needs to lay off crypto. And that's exactly what's going to happen.” https://t.co/xpUSf3pwzj pic.twitter.com/0beBE9iP0U
— 60 Minutes (@60Minutes) December 9, 2024
Elsewhere in the interview, Garlinghosue discussed how Ripple and other crypto companies made significant financial contributions to Super PACs supporting candidates from both parties in the US.
"If you think voters voted, we educated voters, as many industries do about candidates," he said.
Garlinghouse also believes the industry’s financial backing influenced election outcomes, such as supporting Democratic and Republican candidates in key states and that lawmakers must take the industry seriously.
Blockhead
The Ripple CEO also emphasised that people know that crypto is volatile but they should have the freedom to choose how to spend their money. "I think many people understand it's a volatile market and I think many people you know, choose to participate," he said.
"Many people choose to participate in the gambling market. Also very risky. Should we as a government tell people how they should and shouldn't? Use their hard-earned money."
