Ripple’s $150 million legal battle with the US Securities and Exchange Commission took center stage in a recent episode of 60 Minutes on CBS News.
While the segment discussed the legality of Ripple challenges and the growing political influence of the crypto industry, CEO Brad Garlinghouse and many members of the community expressed frustration with the way the story was presented.
After the episode aired, Garlinghouse caught up with X to share her concerns. He emphasized that the interviewwhich lasted more than 90 minutes, failed to include a significant legal development: a federal judge ruled in July that XRP (XRP) is not a security when sold on public exchanges.
This sentence contradicts the claims made during the segment, especially those of John Reed Stark, a former head of SEC enforcement, who insisted that XRP should be classified as a security.
Garlinghouse accused the program of omitting an important context that could have provided a more balanced view of the case of Ripple.
He also criticized Stark’s broader dismissal of the utility of crypto, comparing it to initial skepticism about the internet. He noted that Ripple has already facilitated billions of dollars in cross-border transactions for institutional clients using XRP, all in accordance with know-your-customer rules.
U CEO of Ripple argued that these real-world applications show the potential of blockchain technology, a point that the episode largely overlooked.
Crypto proponents echoed Garlinghouse’s sentiments. Entrepreneur Monika Baechler-Dombay questioned the motivations behind 60 Minutes’ editorial choices, suggesting that the omission of favorable details about Ripple and XRP served a biased narrative.
Similarly, an investor identified as Red pointed except that the July ruling declaring XRP not a security remains unchallenged and should be a central focus of the segment.
Crypto proponent Jon expressed strong disapproval of 60 Minutes after the segment, accusing the program of misrepresenting the crypto industry and unfairly targeting the CEO of Ripple.
He criticized the show for implying that crypto was manipulated electionscoerced the legislators, and facilitated illegal activities such as human trafficking.
Despite the flaws, the 60 Minutes episode highlights how integrated the crypto industry has become into US politics and society. Ripple’s contributions, along with those of other crypto companies, have influenced key elections and legislative initiatives.
The bipartisan bill FIT21, which seeks to establish a clearer regulatory framework for crypto, is a step toward addressing the regulatory uncertainties faced by companies like Ripple.
However, the episode also revealed the division in perspectives on cryptocurrency. Stark described crypto as a speculative asset with significant risks, emphasizing its potential use in illicit activities.
