Ripple CEO Brad Garlinghouse has blasted CBS’s “60 Minutes” for its unfair and incomplete representation of the cryptocurrency business. The piece, which broadcast on December 8, was a truncated version of Garlinghouse’s 90-minute interview, omitting major developments critical to Ripple and the cryptocurrency ecosystem.
Garlinghouse expressed his anger on social media, pointing out the program’s inability to include a significant federal court verdict from July 2023. This verdict determined that XRP, Ripple’s linked cryptocurrency, is not a security when traded on public exchanges, representing a key legal victory for Ripple in the midst of ongoing regulatory fights.
Garlinghouse noted that “60 Minutes” showed comments from former SEC officer John Reed Stark, who rejected the credibility of cryptocurrency and stated that XRP fell under security standards. “It’s shocking that they excluded this ruling,” Garlinghouse remarked, noting that Stark’s opinions contradicted established judicial tradition.
Ripple’s real-world utility is overlooked.Aside from the legal controversy, Garlinghouse questioned the media’s portrayal of bitcoin as having no practical applications. He noted Ripple’s accomplishment in enabling billions of dollars in cross-border transactions with XRP. Ripple’s payment solutions, which follow tight rules such as know-your-customer (KYC) protocols, are a speedier and more efficient alternative to traditional banking systems.
Garlinghouse drew a connection between crypto skepticism and early misconceptions about the internet, stating, “The same dismissive attitude greeted the internet in its infancy.” Blockchain technology has already demonstrated transformational potential in global banking.
Political Influence of CryptoDespite his critique, Garlinghouse recognized the episode’s emphasis on cryptocurrency’s growing importance in US politics. Ripple and other cryptocurrency companies have actively sponsored pro-crypto candidates with big donations, with Ripple alone providing $45 million to a political action committee that supported victorious candidates in recent elections.
The CEO also cited President-elect Donald Trump’s unexpected endorsement of Bitcoin, which he said strengthened the industry’s political relationships. “It’s clear that Trump and the crypto community found common ground during this campaign,” he said.
A Call for Balanced CoverageGarlinghouse’s comments highlight a broader discontent in the crypto business with how mainstream media portrays its advances. He advocated for more balanced storylines that reflect the sector’s practical applications and legal advancements.
Garlinghouse continues to campaign for a better understanding and acceptance of cryptocurrency’s role in changing the future of finance by highlighting Ripple’s accomplishments and challenging misconceptions.
