Brad Garlinghouse, CEO of Ripple, spoke openly about the company's challenges during their protracted battle with the SEC. According to him, Ripple has spent more than $150 million in legal fees, largely due to the approach of current SEC Chairman, Gary Gensler.

The battle for XRP: a "war on crypto"

During an interview on the program 60 Minutes Garlinghouse described the impact of the SEC case on Ripple and its crypto currency XRP. The SEC claims that XRP is an unregistered security, which has led to price fluctuations and uncertainty around the coin.

However, Garlinghouse argued that XRP bears no resemblance to securities and called the case a broader "war against crypto" under Gensler's leadership. Under his leadership, the SEC has filed more than 120 lawsuits against crypto companies, hampering the industry's growth.

Fairshake: a response to SEC policy

Because of the SEC's intensive approach, Ripple and other companies have super-PAC by 2023 Fairshake established. This federal commission was created specifically to advocate for fair regulation and to counter the SEC's policies.

Garlinghouse emphasized that Ripple and other crypto companies are not advocating deregulation, but rather clear rules and guidelines. He pointed out that many of the problems could have been avoided under an SEC chairman other than Gensler.

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

Criticism of the 60 Minutes-broadcast

Although Garlinghouse discussed important points in the interview, he expressed disappointment in the broadcast. In a post on X (formerly Twitter), he complained about missed opportunities to share important details, such as a federal judge's ruling that XRP is not a security. Instead, the show aired a segment in which a former SEC official argued that XRP was indeed a security.

Implications for the crypto market

The Ripple SEC case continues to put pressure on the price of XRP. Although many hoped the interview would have a positive impact on the currency's value, the expected rise to $3 did not materialize. However, Garlinghouse and the crypto community hope that with Gensler's impending departure, the situation will improve and the market will find more stability.