Ripple CEO Criticizes SEC, Reveals $150M Legal Battle Costs
Ripple CEO Brad Garlinghouse recently revealed during a 60 Minutes interview that the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) has cost the company over $150 million.
The SEC alleges that Ripple’s XRP token constitutes an unregistered security, a claim Garlinghouse strongly disputes. “I’ve never considered the possibility that XRP is a security,” he stated.
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The SEC, under Chair Gary Gensler, has filed over 120 lawsuits against cryptocurrency companies, stifling innovation in the industry. Garlinghouse criticized Gensler’s leadership, claiming it has turned the SEC into an obstacle for progress.
Ripple’s legal expenses highlight the financial strain such cases impose on crypto firms, with many advocating for clearer, more supportive regulations.
Fairshake: Ripple’s Countermeasure to SEC’s Tactics
Garlinghouse emphasized that the crypto industry is not asking for deregulation but rather for clear rules. Ripple, alongside other crypto firms, launched Fairshake in 2023, a political action committee aimed at challenging the SEC’s regulatory overreach. He noted that Fairshake likely wouldn’t exist if the SEC had a different leadership approach.
Garlinghouse also expressed optimism about incoming SEC Chair Paul Atkins, who many believe will take a more balanced stance on crypto regulation. This potential shift aligns with former President Donald Trump’s push to transfer crypto oversight from the SEC to the Commodity Futures Trading Commission (CFTC).
Misinformation in 60 Minutes Interview Frustrates Crypto Community
Despite the significant revelations, Garlinghouse criticized the 60 Minutes segment for omitting critical details about Ripple and XRP. Key points, such as a federal judge’s ruling that XRP is not a security, were replaced with outdated claims from former SEC officials.
The Ripple CEO lamented that the interview missed the opportunity to clarify XRP’s legal standing and address its suppressed price performance. Although the case has hindered XRP’s market value, analysts remain optimistic that regulatory clarity and leadership changes could support a rebound.
Key Takeaways
Ripple has spent over $150M defending itself against the SEC’s claims.
Fairshake was launched to counter the SEC’s aggressive stance on crypto.
Garlinghouse criticized the 60 Minutes interview for misrepresenting key facts about XRP.
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