Ripple’s $150 million spending for the last ‘no’

Ripple’s $150 million legal battle with the U.S. Securities and Exchange Commission took center stage on a recent 60 Minutes episode of CBS News.

While the episode discussed Ripple’s legal challenges and the crypto industry’s growing political influence, CEO Brad Garlinghouse and several community members expressed disappointment with the way the story was presented.

After the episode aired, Garlinghouse took to X to share her concerns. He emphasized that the interview, which lasted more than 90 minutes, did not include a significant legal development: In July, a federal judge ruled that XRP is not a security when sold on public exchanges.

Crypto makes its debut @60Minute Tonight – there is no doubt that these technologies will continue to become more and more prevalent and their impact and reach will continue to grow.

A few things I’d like to comment on after watching:

I talked to Margaret…

— Brad Garlinghouse (@bgarlinghouse) December 9, 2024

This decision contradicted claims made throughout the segment, particularly by former SEC enforcement chairman John Reed Stark, who insisted that XRP should be classified as a security.

Garlinghouse accused the program of neglecting important context that could have provided a more balanced view of Ripple’s case.

He also criticized Stark’s broader dismissal of crypto’s utility, comparing it to initial skepticism about the internet. He noted that Ripple has already facilitated billions of dollars in cross-border transactions for institutional customers using XRP, all of which comply with know-your-customer rules.

Ripple CEO argued that these real-world applications demonstrate the potential of blockchain technology; This was a point the episode largely missed.

Crypto advocates echoed Garlinghouse’s sentiments. Entrepreneur Monika Baechler-Dombay questioned the motivations behind 60 Minutes’ editorial choices and suggested that omitting positive details about Ripple and XRP served a biased narrative.

Similarly, an investor identified as Red stated that the July decision declaring XRP not a security remains unchallenged and should be the central focus of the segment.

Crypto advocate Jon voiced his strong disapproval of 60 Minutes follow, accusing the program of misrepresenting the crypto industry and unfairly targeting Ripple’s CEO.

60 minutes, go fuck yourself. Brad was set up, he did the best he could and we are so proud of him. 60 minutes tried to imply that crypto stole the election, that they bullied congress for not kissing the crypto ring, and that sex trafficking is possible with crypto. You are a soulless piece of trash. Last…

— Jen (@sotheresthat12) December 9, 2024

He criticized the show for implying that cryptocurrency manipulates elections, coerces lawmakers, and facilitates illegal activities such as human trafficking.

Despite the shortcomings, the 60 Minutes segment highlighted how deeply integrated the crypto industry is into US politics and society. Ripple’s contributions, along with those of other crypto companies, have influenced major elections and legislative initiatives.

The bipartisan FIT21 bill, which aims to create a clearer regulatory framework for crypto, is a step towards addressing regulatory uncertainties faced by companies like Ripple.

But the episode also revealed the divide in perspectives on cryptocurrency. Stark described crypto as a speculative asset with significant risks and highlighted its potential misuse in illegal activities.