Ripple CEO Brad Garlinghouse, in an X post on December 9, 2024, expressed dissatisfaction with CBS News’ omission of critical elements in his 60 Minutes interview. Garlinghouse claimed that the episode aired on December 8 condensed a 90-minute session to 60 minutes and failed to mention the pivotal XRP ruling of July 2023. He slammed CBS News for compromising factual accuracy, resulting in an incomplete and misleading portrayal of XRP’s legal status.
CBS News’ 60 Minutes interview with Garlinghouse highlighted the Ripple CEO’s strong contempt towards the regulatory norms of the Securities and Exchange Commission and its Chair Gary Gensler. Reportedly, Garlinghouse posited that the crypto-funded super PAC, FairShake, was formed in direct response to Gensler’s regulatory approach. This implies that the FairShake PAC would not have existed if Gensler wasn’t the head of the regulatory agency.
The interview also covered Ripple’s XRP and the legal uncertainties surrounding the token. As per the interview presented by the media, Garlinghouse narrated the long-standing lawsuit involving XRP. He emphasized the need for regulatory clarity, especially for cryptocurrencies’ legal status, adding that XRP isn’t a security. However, in the recent X post, Garlinghouse argued that the media platform overlooked Judge Analisa Torres’ ruling. He wrote, “60 Minutes shockingly left out that a Federal Judge ruled that XRP is not a security.”
The Blockchain Bulletin, Dec 9: Can XRP Breach Barriers and Reach $4?Further, Gensler slammed John Reed Stark, a former SEC official, questioning his claim that crypto lacks utility. He drew parallels with the initial ambiguity surrounding the internet, suggesting that the skepticism on crypto will lead to the recognition of its potential. Additionally, he accused the media of selectively featuring Stark’s views on crypto’s legal status, disregarding the existing judicial precedent that contradicts his assertions. “Gensler’s shill (John Reed Stark) knows better despite his comments that 60Minutes chose to air,” wrote Garlinghouse.
Denying Garlinghouse’s allegations, Stark clarified that he strongly believes that the SEC’s enforcement actions should cease. As a self-described passionate advocate for democracy, Stark pledged to work towards bringing clarity to crypto regulation.
