Brad Garlinghouse, CEO of Ripple, has publicly expressed dissatisfaction with how CBS News’ 60 Minutes portrayed his interview.
The Dec. 8 episode, which condensed a 90-minute discussion into a 60-minute segment, omitted key details that Garlinghouse believes were crucial to accurately depicting Ripple’s legal battles and the broader crypto landscape.
In a Dec. 9 post on X, Garlinghouse pointed out that the program failed to mention a pivotal July 2023 ruling in which a federal judge declared XRP not a security when traded on public exchanges. This decision, which directly counters claims made during the segment by former SEC official John Reed Stark, represents a significant legal milestone for Ripple.
Garlinghouse criticized the omission, arguing that it led to an incomplete and misleading narrative about XRP’s regulatory status. The Ripple boss stated:
“60Minutes shockingly left out that a Federal Judge ruled that XRP is not a security…Gensler’s shill (John Reed Stark) knows better despite his comments that 60Minutes chose to air.”
He also challenged Stark’s dismissal of crypto as lacking utility, likening it to early skepticism toward the internet. He emphasized that Ripple already enables billions of dollars in cross-border transactions for institutional clients using XRP while complying with regulations like know-your-customer (KYC) protocols.
Garlinghouse argued that such real-world use cases highlight blockchain’s transformative potential, a point largely overlooked in the 60 Minutes segment.
Additionally, Garlinghouse shared insights from Neil Hartner, a software engineer at Ripple, who clarified a common misconception presented in the interview that XRP is not Ripple’s proprietary token.
Hartner emphasized that XRP operates on a decentralized, public ledger, with Ripple being just one prominent participant in its ecosystem.
The interview
While critical of the coverage, Garlinghouse acknowledged the episode’s spotlight on crypto’s growing influence in US politics. Ripple and other industry leaders have significantly shaped political discussions and election outcomes.
Garlinghouse described the recent US election as a turning point for the crypto industry. He highlighted efforts by Fairshake, a crypto-focused political action committee (PAC), which supported most candidates who went on to win congressional seats. Notably, 85% of Fairshake-backed candidates were victorious, including 29 Republicans and 33 Democrats.
Ripple contributed $45 million to Fairshake’s efforts, joining other prominent donors like Coinbase and Andreessen Horowitz. Together, these contributions funded voter education campaigns and pro-crypto candidate advertisements. The total donations exceeded $204 million, helping secure key legislative allies for the crypto industry.
Garlinghouse also noted the impact of President-elect Donald Trump’s surprising shift toward a pro-crypto stance during the campaign. This change, he suggested, further aligned the crypto community with his platform.
“I think it’s clear that Donald Trump embraced crypto and crypto embraced Donald Trump,” Garlinghouse stated.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
