Ripple Spent $150 million defending XRP against SEC

Brad Garlinghouse, the CEO of Ripple, spoke on "60 Minutes" about the company's ongoing legal battle with the U.S. Securities and Exchange Commission

Written by: Olumide Adesina • Tuesday, December 10, 2024 • 1 min read

• Last updated: Tuesday, December 10, 2024

Brad Garlinghouse, the CEO of Ripple, spoke on “60 Minutes” about the company’s ongoing legal battle with the U.S. Securities and Exchange Commission.

Ripple has reportedly spent more than $150 million defending XRP against the SEC’s stance as stated by Garlinghouse.

According to him, XRP is not a security and ought to be subject to different regulations in light of the characteristics of digital assets. He maintained that if the SEC had been run by someone other than current Chairman Gary Gensler, FairShake might not have been required.

We requested regulation, saying, “Just tell us what the rules of the game are,” Garlinghouse stated, highlighting Ripple’s desire for precise legal definitions rather than a laissez-faire policy.

Additionally, he asserted that the laws in place now are inadequate to handle the emerging technology that underpins digital assets. He pointed out that more conventional financial institutions are adopting blockchain technology; JPMorgan Chase, for instance, has started implementing blockchain solutions.

Garlinghouse also discussed how Ripple has changed cross-border payments by processing billions of dollars worth of KYC-compliant transactions for institutional clients. He emphasized that Ripple uses XRP to enable cross-border transfers quicker than traditional techniques.

The “60 Minutes” interview sparked a furious backlash from the cryptocurrency community, which said the program misinformed viewers about the cryptocurrency market.

According to users on X, the show plotted to have Garlinghouse disparage cryptocurrencies by ostensibly suggesting they were used to finance the most recent election.

Cryptocurrency companies contributed $144 million to pro-crypto candidates in both parties in the most recent U.S. election, accounting for one-third of all direct corporate contributions to Super PACs, according to “60 Minutes.”. Users on X characterized the interview as a “setup” by corporate media, which was furious about the election results.

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ABOUT THE AUTHOR See More

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks the financial markets with over 15 years of working experience in investment trading.