Ripple CEO Criticizes 60 Minutes for Omitting Key XRP Ruling

Ripple CEO Criticizes 60 Minutes for Omitting Key XRP Ruling

Ripple CEO Brad Garlinghouse criticized the American TV program 60 Minutes for excluding a key detail about the XRP ruling in its December 8 broadcast. The segment, featuring Garlinghouse and former U.S. SEC official John Reed Stark, covered crypto-related issues. It highlighted how Ripple and two other crypto firms contributed over $140 million to support pro-crypto political candidates during the last U.S. election.

However, Garlinghouse expressed frustration over the program’s failure to mention a crucial court ruling. He noted that a federal judge had declared XRP is not a security by itself. Garlinghouse later took to X (formerly Twitter) to call out 60 Minutes for the omission, hinting he may have raised the point during the interview.

Counterarguments and SEC Allegations

60 Minutes aired Garlinghouse’s statement asserting that XRP is not a security. However, the program followed up with a counterargument from Stark. Stark claimed U.S. judges have consistently classified crypto assets, including XRP, as securities.

Related article: Ripple CEO: Fairshake PAC Aims to End SEC’s ‘War on Crypto’

Garlinghouse pushed back, accusing Stark of knowingly misrepresenting key facts. In his tweet, he likened Stark’s rhetoric to that of outgoing SEC Chair Gary Gensler. Garlinghouse also criticized 60 Minutes for failing to fact-check Stark’s claims. He pointed out that Stark echoed Gensler’s stance, including the claim that crypto serves no purpose beyond criminal activity — a statement Garlinghouse called false.

SEC Appeal and Ripple’s Market Impact

Despite the criticism, Garlinghouse acknowledged Stark’s call for the SEC to drop its appeal against Ripple. The appeal is now in the U.S. Court of Appeals for the Second Circuit, with the SEC’s opening brief due by mid-January 2025.

Related article: XRP Drops 18% Amid Market Volatility: Will It Rebound?

Speculation of a policy shift grew after Donald Trump’s re-election and the nomination of a pro-crypto advocate as the next SEC Chair. Rumors that the appeal could be withdrawn triggered a surge in XRP’s value. XRP briefly reclaimed the third spot in global crypto rankings last week. 

However, a market-wide downturn pushed XRP back to fourth, with the token trading at $2.14 and a market cap of $124.04 billion.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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