2024-12-12 19:08 |
In a post on X Garlinghouse described the omission as “shockingly” significant, given the relevance of the ruling to the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
Source: X
What Was Left Out?The 60 Minutes report, led by journalist Margaret Brennan, delved into Ripple’s financial backing of the Fairshake political action committee, which has funneled millions into supporting pro-crypto candidates. It also highlighted the SEC’s allegations that Ripple’s XRP sales constituted the offering of unregistered securities. However, Garlinghouse noted the program failed to mention a federal judge’s July ruling that XRP is not a security when sold on digital asset exchanges.
This omission is particularly noteworthy as the segment included commentary from former SEC official John Reed Stark, who claimed courts have consistently treated tokens like XRP as securities under U.S. law. Garlinghouse disputed Stark’s remarks, saying, “He knows better despite his comments that 60 Minutes chose to air.”
Watch the full 60 Minutes Piece below:
Ongoing SEC LawsuitThe SEC originally filed its lawsuit against Ripple in December 2020, alleging that XRP sales violated securities laws. While Ripple scored a partial victory in July, when a judge ruled programmatic XRP sales were not securities, the company was also held liable for a $125 million civil penalty related to institutional sales. Both Ripple and the SEC have since appealed the decision, leaving the case unresolved.
XRP’s ResurgenceDespite the legal turbulence, XRP has shown signs of resilience. Following the July ruling, XRP briefly reclaimed its status as the third-largest cryptocurrency by market capitalization. Additionally, some asset managers have sought SEC approval to launch exchange-traded products tied to XRP, signaling growing optimism around its regulatory clarity.
Source: BNC XRPLX
Garlinghouse Calls for Better LeadershipIn the 60 Minutes interview, Garlinghouse criticized the SEC’s approach under Chair Gary Gensler, suggesting that Fairshake’s political push might not have been necessary had the regulatory body adopted a more constructive stance toward crypto. “I’m not sure Fairshake would exist” under a different leadership style, he said, highlighting the broader frustration within the crypto industry over inconsistent regulation.
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