Brad Garlinghouse Calls Out 60 Minutes for Excluding Key XRP Ruling in Latest Crypto Feature

Ripple CEO Criticizes Show for Skewed Coverage of Ongoing SEC Legal Battle

Ripple CEO Brad Garlinghouse has expressed his frustration with the recent 60 Minutes feature on cryptocurrency, claiming that it presented an incomplete and biased view of Ripple’s ongoing legal struggle with the U.S. Securities and Exchange Commission (SEC). Garlinghouse specifically called out the program for leaving out a critical detail: the ruling by Judge Torres, which concluded that XRP is not a security. His comments highlight the importance of this legal decision, which he believes was unfairly ignored in the broadcast.

The issue began when Garlinghouse appeared on the show, but was frustrated by how the coverage played out. After the episode aired, he took to social media, where he posted a detailed response criticizing 60 Minutes for its portrayal of Ripple and the broader cryptocurrency industry.

In his post, Garlinghouse singled out the show’s interview with John Reed Stark, a former SEC official, who made a broad statement about the legal classification of cryptocurrencies. Stark argued that judges have repeatedly ruled that certain cryptos are securities, dismissing any ambiguity. Garlinghouse wasted no time in pointing out that Stark’s comments were misleading and that 60 Minutes should have highlighted the significant ruling in Ripple’s favor, instead of reinforcing the traditional SEC stance.

The Key Ruling that 60 Minutes Missed

The legal battle between Ripple and the SEC has been one of the most closely watched in the cryptocurrency world. At the heart of the issue is the SEC’s assertion that Ripple’s native token, XRP, should be classified as a security under U.S. law. This would mean that Ripple would have to comply with the same regulatory framework that applies to stocks and other securities, an outcome that could have far-reaching implications for the broader crypto market.

However, in a landmark ruling earlier this year, Judge Torres decided that XRP is not a security. This was a significant win for Ripple, and it has been a point of contention between the company and the SEC ever since. Garlinghouse has repeatedly pointed out that the ruling should be a focal point in discussions about the case, but 60 Minutes failed to acknowledge it, despite its relevance.

Garlinghouse didn’t hold back when commenting on the omission. In his post, he noted, “Gensler’s shill (John Reed Stark) knows better despite his comments that 60 Minutes chose to air,” referring to SEC Chairman Gary Gensler and Stark’s dismissive remarks about the utility of certain cryptocurrencies.

The decision by Judge Torres is critical because it undermines the SEC’s argument that cryptocurrencies like XRP are inherently securities. By omitting this crucial ruling, Garlinghouse believes that 60 Minutes misled its audience about the legal landscape of digital assets.

Brad Garlinghouse’s Response to 60 Minutes

Garlinghouse’s frustration wasn’t limited to the omission of the XRP ruling. He also took issue with the show’s broader depiction of crypto technology. In the segment, 60 Minutes questioned the real utility of digital currencies, framing them as little more than speculative assets or tools for illicit activities. Garlinghouse strongly disagreed with this characterization, which he believes reflects a fundamental misunderstanding of the potential of blockchain and cryptocurrencies.

He pointed out that this type of dismissal mirrors the early days of the internet, when critics claimed that it was nothing more than a passing fad or a tool for illegal activities. “Look at where the internet is now,” he said, referencing how the technology has revolutionized nearly every industry. “You wouldn’t say the internet is just a criminal tool anymore, right?” He added that even traditional financial institutions, like JPMorgan, have begun embracing blockchain technology for its potential to streamline processes and reduce costs.

Moreover, Garlinghouse highlighted the real-world applications of XRP and Ripple’s role in the cryptocurrency ecosystem. He noted that Ripple is already processing billions of dollars in Know Your Customer (KYC)-compliant transactions for institutional clients, a stark contrast to the illegal activities often associated with crypto. “Ripple is helping banks and financial institutions move money faster, cheaper, and with more transparency,” Garlinghouse said, underscoring that crypto’s use cases go far beyond the shady operations often depicted in the media.

The Political Influence of Crypto

Another focal point of the 60 Minutes segment was the political influence of the cryptocurrency industry, particularly its contributions to super PACs and lobbying efforts. The program suggested that these contributions amounted to attempts to “buy” favorable regulations. Garlinghouse acknowledged the role of lobbying in the political process but framed it differently, emphasizing that the crypto industry’s lobbying efforts were aimed at securing clear, fair regulations, not subverting the political system.

He explained that without clear rules from lawmakers, the industry would remain in legal limbo, which could stifle innovation and prevent the U.S. from maintaining its leadership in the global cryptocurrency space. “We want to be part of the solution,” Garlinghouse said. “But we need rules that make sense and help foster innovation.”

The crypto industry, Garlinghouse argued, is not asking for special treatment but for clear guidelines that would allow businesses to operate within the law. Until these regulations are in place, Garlinghouse believes that the industry will continue to be unfairly targeted by regulators like the SEC.

Ripple’s Continued Growth Despite Legal Challenges

Despite the ongoing legal battle, Ripple continues to grow. The company has established itself as a leader in the cryptocurrency sector, offering blockchain-based solutions to financial institutions around the world. The firm’s XRP token is used for cross-border payments, offering faster, cheaper alternatives to traditional banking systems.

Ripple’s success, however, is not without controversy. The ongoing SEC lawsuit has cast a long shadow over the company’s future, and it remains to be seen whether the legal outcome will affect its business operations. Garlinghouse has repeatedly expressed confidence in Ripple’s legal position, but the industry as a whole remains vulnerable to regulatory scrutiny.

Despite this uncertainty, Ripple’s commitment to driving the adoption of blockchain technology and its focus on institutional clients have positioned the company as a key player in the digital asset space.