Ripple CEO Brad Garlinghouse recently appeared on the renowned “60 Minutes” program, addressing the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The interview shed light on the broader implications for the cryptocurrency industry and Ripple’s role in shaping regulatory clarity.
Garlinghouse Calls for Clear Regulations
During the interview, Garlinghouse emphasized that the crypto industry doesn’t seek deregulation but rather clear rules of the road. He criticized the SEC’s current approach, which he described as a “war on crypto,” prompting Ripple and other companies to establish FairShake, a political action committee aimed at advocating for industry fairness. Garlinghouse suggested that a different SEC chair might have prevented the need for such an initiative.
He also referenced the FIT 21 Act, a proposed regulatory framework for digital assets that was passed by the U.S. House of Representatives in May. This legislation, according to Garlinghouse, could bring much-needed clarity to the sector.
Stark’s Counterarguments
The episode also featured John Reed Stark, a former SEC official and vocal critic of cryptocurrencies. Stark described crypto as a “menace” and argued that it lacks balance sheets, financial statements, and legitimacy. He stated that all cryptocurrencies should be treated as securities, a stance repeatedly supported by court rulings.
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Garlinghouse responded by pointing out Ripple’s significant investment in legal defense, revealing that the company has spent over $150 million fighting the SEC’s case against XRP. He reiterated that XRP should not be classified as a security and argued that Ripple is only seeking a regulated framework, not an exemption from oversight.
XRP Price Takes a Hit
Ripple’s native token, XRP, is currently experiencing a downturn, trading at $2.44, a 1% decline from previous levels. Despite the dip, XRP continues to garner attention for its blockchain-based payment system. Speculation about potential regulatory changes under a future Trump administration has fueled optimism among some investors. Earlier price surges were linked to rumors of a meeting between Garlinghouse and Trump, as well as news of SEC Chair Gary Gensler’s possible resignation.
The Road Ahead for Ripple and Crypto
The ongoing legal battle between Ripple and the SEC could have far-reaching implications for the broader crypto industry. Ripple’s stance, advocating for clear and fair regulations, reflects a growing demand for transparency in the sector. As regulatory discussions continue, XRP’s price and market dynamics will likely remain closely tied to legal and political developments.
At The Bit Journal, we will continue to monitor these pivotal events and provide timely updates to keep you informed.
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