Garlinghouse Opens Up on $150 Million SEC Fight, Crypto War And More
Ripple CEO Brad Garlinghouse appears in an interview 60 minutesoneAiring on December 8, 2024, 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 why Ripple and two other companies formed industry super PAC FairShake to fight back against what he called the “crypto wars.” He said that if the SEC chairman was not Gary Gensler, FairShake might not exist.
When an SEC spokesperson stated that the amount of money spent by the crypto industry on legal defense is miniscule compared to the losses investors face due to fraud and market failure, Garlinghouse revealed Ripple’s financial contribution, revealing that the company has spent more than $150 million to counter the SEC’s stance on XRP.
He stated that Ripple believes that XRP should not be treated as a stock and should be subject to the same registration and disclosure requirements. Garlinghouse emphasized that Ripple is not seeking deregulation but is asking Congress to enact clear regulations that address the unique characteristics of digital assets.
“I went to Harvard Business School. I think I had a strong understanding of things like, ‘What are securities? “Quite a smart question. So I never considered the possibility – “Well, maybe XRP is a security. We are not asking for deregulation. We have always asked to be regulated. So we’ve been saying, ‘Hey, listen, give us clear rules of the road,’ he said.
XRP price reaction:
Ripple’s cryptocurrency XRP is currently experiencing a surge, approaching the $2.60 mark. As of this writing, it is trading at $2.55, up 4.5%. Investors are optimistic about the future of the crypto industry, especially with the possible election of Trump as president, as Ripple’s blockchain-based payment system continues to gain traction.
The price of XRP previously rose amid speculation about a possible meeting between Garlinghouse and President-elect Trump, as well as news of the resignation of SEC Chairman Gary Gensler.
