Ripple CEO Brad Garlinghouse didn’t hold back during his recent appearance on CBS’s 60 Minutes, offering a direct look at the company’s ongoing battle with the SEC. He revealed that Ripple has spent over $150 million in legal fees fighting the SEC’s claims that XRP is an unregistered security.
Garlinghouse placed much of the blame on SEC Chair Gary Gensler, accusing him of leading a broader “war on crypto.”
Ripple’s Fight with the SEC
In the interview, Garlinghouse was blunt about the SEC’s position on XRP. He expressed disbelief over the idea that XRP could be classified as a security:
“I think I’m reasonably intelligent about something like, ‘What is security?’ Never once had I considered the possibility that XRP is a security.”
The legal battle has taken a significant toll on Ripple, not only financially but also in shaping the crypto industry’s path toward clearer regulation. Garlinghouse explained that Ripple, along with other companies, has formed Fairshake—a super PAC aimed at challenging what they see as an unjust regulatory environment.
Responding to Gensler’s Approach
Launched in 2023, Fairshake was created as a response to Gensler’s tough stance on cryptocurrency. Garlinghouse pointed out, “If someone else was SEC Chair, I don’t see this organization being there,” which shows Gensler’s dominant role in shaping current policy.
He also emphasized that the crypto industry isn’t asking for special treatment, but rather for clear and fair regulations to operate under, without the ongoing legal battles.
Disappointment with “60 Minutes” Coverage
While Garlinghouse’s appearance on 60 Minutes was a major moment for the crypto community, he expressed frustration with how the show handled the coverage. He criticized the lack of mention about a recent federal judge’s ruling that XRP is not a security. Instead, the show gave air time to Spencer, a former SEC official, who repeated the claim that XRP could still be considered a security.
Garlinghouse called this a missed opportunity.
“the misinformation doesn’t only hurt Ripple but also the whole industry.”
With the Ripple vs. SEC drama heating up, market uncertainty rises—read our XRP price prediction to uncover potential trends and future moves!
Effect on XRP’s Price
XRP has been under serious pressure from the SEC case, both in terms of perception and its price performance. After the interview, XRP dropped to $2.40, which would reflect a plunge of 5% within 24 hours.
Meanwhile, many investors have targeted the $3 price level for XRP. However, Garlinghouse pointed out that this battle was for much more than price. It was to make sure that crypto has its rightful place in the global economy.
FAQs
Ripple is fighting SEC allegations that XRP is an unregistered security, with over $150 million spent in legal fees.
After the interview, XRP’s price dropped by 5% to $2.40, impacted by misinformation and ongoing legal pressure.
