Ripple CEO Brad Garlinghouse appeared in an interview. 60 minutesDuring the December 8, 2024 broadcast, he discussed the company’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
Garlinghouse criticized the SEC’s approach, saying it was a key reason Ripple and two other companies formed industry super PAC FairShake to fight the “war on crypto.” He suggested that FairShake might not have existed if the SEC had a different chairman than Gary Gensler.
After an SEC spokesperson said the amount the cryptocurrency industry has spent on legal defense is minimal compared to the losses investors face due to fraud and market failures, Garlinghouse disclosed Ripple’s financial contribution, saying the company had committed $150 million to fight the SEC. It was revealed that more than was spent. Position on XRP.
He argued that Ripple should not treat XRP like a stock and should not be subject to the same registration and disclosure requirements. Garlinghouse emphasized that Ripple is not seeking regulatory relief, but rather calls for clear regulations from Congress to address the unique characteristics of digital assets.
“I went to Harvard Business School. I consider myself reasonably intelligent when it comes to questions like “What are securities?” So I never once considered the possibility. “Okay, maybe XRP is a security. We did not ask for deregulation. We have been asking for regulation. So we said, “Hey, give us clear rules for the road.”
XRP price reacts:
Ripple’s cryptocurrency, XRP, is currently rising rapidly, approaching the $2.60 level. At the time of writing, it was trading at $2.55, up 4.5%. Investors are optimistic about the future of the cryptocurrency industry, especially under a potential Trump presidency, as Ripple’s blockchain-based payment system continues to gain traction.
Previously, XRP prices rose amid speculation about a possible meeting between Garlinghouse and President-elect Trump and news of SEC Chairman Gary Gensler’s resignation.