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 during a recent 60 Minutes episode on CBS News. 

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

After the episode aired, Garlinghouse took to X to share his concerns. He emphasized that the interview, which lasted over 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. 

Crypto made its debut on @60Minutes tonight – there’s no doubt that these technologies will continue to become more and more mainstream – with influence and reach that will only continue to grow.

A few things I do want to comment on after watching:

I spoke with Margaret…

— Brad Garlinghouse (@bgarlinghouse) December 9, 2024

This ruling contradicted claims made during the segment, particularly those by John Reed Stark, a former SEC enforcement head, who insisted XRP should be classified as a security. 

Garlinghouse accused the program of omitting 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 early skepticism about the internet. He noted that Ripple is already facilitating billions of dollars in cross-border transactions for institutional clients using XRP, all under compliance with know-your-customer regulations. 

The Ripple CEO argued that these real-world applications show the potential of blockchain technology, a point 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 out that the July ruling declaring XRP not a security remains unchallenged and should have been a central focus of the segment.  

Crypto proponent Jon voiced strong disapproval of 60 Minutes following the segment, accusing the program of misrepresenting the crypto industry and unfairly targeting Ripple’s CEO. 

60 minutes, go fuck yourselves. Brad was set up, he did his best and we’re so proud of him. 60 minutes tried to imply that crypto stole the election, they bully congress that don’t kiss the crypto ring and sex trafficking is made possible by crypto. You are soulless scum. Last…

— Jen (@sotheresthat12) December 9, 2024

He criticized the show for implying that crypto manipulated elections, coerced lawmakers, and facilitated illicit activities like human trafficking. 

Despite the shortcomings, the 60 Minutes episode highlighted how deeply the crypto industry has integrated into U.S. politics and society. Ripple’s contributions, along with those from other crypto firms, have influenced key elections and legislative initiatives. 

The bipartisan FIT21 bill, 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 divide in perspectives on cryptocurrency. Stark described crypto as a speculative asset with significant risks, emphasizing its potential misuse in illicit activities.