Brad Garlinghosue, CEO of Ripple, a crypto and payment services company, blasted an interview given to 60 Minutes about XRP and the utility of cryptocurrency. Garlinghouse stated that some things were left out and that the program was wrong in presenting crypto as a solution in search of a problem.
Ripple CEO Blasts 60 Minutes Interview Edit: Some Things Were Left Out
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Ripple CEO Brad Garlinghouse Criticizes 60 Minutes Interview Edit, Says XRP Case Decision Was Left Out
Brad Garlinghouse, CEO of Ripple, one of the leading cryptocurrency services companies, recently criticized the edit of an interview he offered 60 Minutes, an investigative program, due to some omissions in the Ripple legal case and the biased exposition it made on crypto as a whole.
Garlinghouse stated that the program, which focused on how industry giants like Ripple and Coinbase funded pro- crypto PAC Fairshake, omitted mentioning a federal judge decision regarding XRP’s asset classification.
On social media, Garlinghouse stated:
When discussing the SEC’s misguided lawsuit against Ripple, 60 Minutes shockingly left out that a Federal Judge ruled that XRP is not a security.
Ripple’s legal battle was one of the largest in the ecosystem, with the company spending over $100 million to defend its arguments on XRP not being a security. The battle finally came to a close last year when District Judge Analisa Torres ruled that retail XRP sales did not classify as securities, as they did not pass the Howey test criteria for these instruments.
Furthermore, Garlinghouse also blasted the comments 60 Minutes chose to air on this subject, where the former Chief of the Securities and Exchange Commission (SEC) Office of Internet Enforcement John Reed Stark stated that most of these assets were securities. “I’ve read every case. I’ve read every motion. And judges have said over, and over again that these are securities,” Reed Stark assessed during the program. “John Reed Stark knows better,” Garlinghouse replied.
Finally, Garlinghouse also called out the allegations that crypto had no utility, noting that even big banks like JPMorgan were now taking blockchain tech seriously. “60 Minutes also failed to mention that Ripple is doing billions of dollars of KYC-ed transactions for our institutional customers – leveraging XRP to move money cross-border more efficiently than traditional payment rails,” he concluded.
