Ripple CEO Brad Garlinghouse has criticized 60 Minutes for how it portrayed cryptocurrency and Ripple in a segment aired recently. Following the broadcast, Garlinghouse took to X to address key omissions and what he saw as a misrepresentation of crypto’s utility.
He highlighted that despite speaking with Margaret Brennan for over 90 minutes, crucial points—such as the federal court ruling of July 2023 about XRP security status were left out.
Garlinghouse described this omission as “shocking,” especially given the ruling’s significance in Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC).
Crypto made its debut on @60Minutes tonight – there’s no doubt that these technologies will continue to become more and more mainstream – with influence and reach that will only continue to grow.
A few things I do want to comment on after watching:
I spoke with Margaret…
— Brad Garlinghouse (@bgarlinghouse) December 9, 2024
60 Minutes Ignores Important Details
He criticized the program for airing comments from John Reed Stark, a former SEC official, who dismissed cryptocurrencies as a “scourge” and implied they primarily facilitate illicit activity.
Garlinghouse rejected these claims, calling Stark a “shill” for SEC Chair Gary Gensler, and argued that Stark’s comments ignored the real-world utility of blockchain and digital assets.
Garlinghouse also rebuked 60 Minutes for perpetuating outdated narratives about crypto. He compared these to early misconceptions about the internet when skeptics dismissed it as a platform for illegal activities. He noted that doubts have been disproven by blockchain’s adoption in mainstream financial institutions.
Specifically, Garlinghouse pointed to Ripple’s success in conducting billions of dollars worth of transactions for institutional clients using XRP, which facilitates efficient, KYC-compliant cross-border payments.
Additionally, Garlinghouse emphasized that Ripple’s work directly contradicts claims that crypto lacks utility. He highlighted that even traditional financial giants like JPMorgan are increasingly adopting blockchain technology. Despite this, 60 Minutes failed to recognize Ripple’s contribution to modernizing global payment systems.
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The Call for Regulatory Clarity
During the interview, Garlinghouse also reiterated his long-standing call for regulatory clarity in the U.S. He criticized the SEC’s approach as misguided, arguing that it stifles innovation and mischaracterizes crypto assets like XRP. According to him, existing laws do not adequately address the unique nature of blockchain technology, creating unnecessary confusion and legal challenges.
Garlinghouse’s frustration reflects broader dissatisfaction within the crypto industry about media narratives and regulatory uncertainty. His critique of 60 Minutes shows the need for balanced discussions that acknowledge blockchain’s transformative potential while addressing legitimate concerns.
For Ripple, the omission of key points from a high-profile interview, which was initially seen as a positive development, marks a missed opportunity to correct public misconceptions about the technology.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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