As a seasoned researcher with a keen interest in the cryptocurrency market, I find myself intrigued by the recent turn of events surrounding Ripple and XRP. Brad Garlinghouse, Ripple’s CEO, has raised valid concerns about the omission in the 60 Minutes report regarding the federal judge’s ruling that XRP is not a security when sold on digital asset exchanges. This seems like a significant oversight, especially given the ongoing legal battle between Ripple and the SEC.
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).
What Was Left Out?
60 Minutes’ investigation, conducted by journalist Margaret Brennan, scrutinized Ripple’s financial support for the Fairshake political action committee. This group has channeled millions towards pro-crypto candidates. The report also emphasized the Securities and Exchange Commission’s claims that Rippe’s XRP sales were unregistered securities offerings. However, Garlinghouse pointed out that the program overlooked a federal judge’s ruling in July, which classified XRP as not a security when sold on digital asset exchanges.
The absence is significant given that the segment featured insights from ex-SEC official John Reed Stark, who argued that tokens similar to XRP are typically considered securities under U.S. law. However, Garlinghouse contested Stark’s statements, asserting, “Despite what he said, he should have known better as 60 Minutes decided to broadcast his comments.
Watch the full 60 Minutes Piece below:
Ongoing SEC Lawsuit
The Securities and Exchange Commission (SEC) initiated a lawsuit against Ripple back in December 2020, claiming that the sale of XRP was a violation of securities laws. Although Ripple won a partial victory in July, with a judge deciding that programmatic sales were not considered securities, they were still found guilty and fined $125 million for institutional sales. Both parties have since appealed this decision, leaving the outcome of the case uncertain.
XRP’s Resurgence
Despite facing legal challenges, Ripple (XRP) has demonstrated strength and determination. After the July verdict, Ripple temporarily regained its position as the third largest cryptocurrency in terms of market capitalization. Furthermore, certain investment managers are actively pursuing SEC approval to introduce exchange-traded funds linked with XRP, suggesting a growing positive outlook on its regulatory future.
Garlinghouse Calls for Better Leadership
In a 60 Minutes interview, Garlinghouse criticized the SEC’s approach under Chairman Gary Gensler, implying that if the regulatory body had taken a more constructive stance towards cryptocurrency, Fairshake may not have been necessary. He stated, “I’m not sure Fairshake would exist” under different leadership, expressing widespread industry frustration over inconsistent regulation in the crypto sector.
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2024-12-11 22:34