when

Gary

<p>Ripple CEO Brad Garlinghouse didn’t hold back during his recent appearance on <a href="https://coinpedia.org/news/ripple-ceo-on-60-minutes-garlinghouse-opens-up-on-150-million-sec-fight-crypto-war-and-more/" target="_blank" rel="noreferrer noopener">CBS’s <em>60 Minutes</em>, </a>offering a direct look at the company's ongoing battle with the SEC. He revealed that Ripple has spent over $150 million in legal fees fighting the SEC’s claims that XRP is an unregistered security. </p>   
<p>Garlinghouse placed much of the blame on SEC Chair Gary Gensler, accusing him of leading a broader “war on crypto.”</p>   
<h2 class="wp-block-heading" id="h-ripple-s-fight-with-the-sec">Ripple’s Fight with the SEC</h2>   
<p>In the interview, Garlinghouse was blunt about the SEC’s position on XRP. He expressed disbelief over the idea that XRP could be classified as a security:</p>   
<blockquote class="wp-block-quote">
  
 <p><em>“I think I’m reasonably intelligent about something like, ‘What is security?’ Never once had I considered the possibility that XRP is a security.”</em></p> 
</blockquote>   
<p>The legal battle has taken a significant toll on Ripple, not only financially but also in shaping the crypto industry’s path toward clearer regulation. Garlinghouse explained that Ripple, along with other companies, has formed <em>Fairshake</em>—a super PAC aimed at challenging what they see as an unjust regulatory environment.</p>   
<p><strong>Responding to Gensler's Approach </strong></p>   
<p>Launched in 2023, Fairshake was created as a response to Gensler’s tough stance on cryptocurrency. Garlinghouse pointed out, <em>“If someone else was SEC Chair, I don't see this organization being there,” </em>which shows Gensler’s dominant role in shaping current policy.</p>   
<p>He also emphasized that the crypto industry isn’t asking for special treatment, but rather for clear and fair regulations to operate under, without the ongoing legal battles.</p>   
<h2 class="wp-block-heading" id="h-disappointment-with-60-minutes-coverage">Disappointment with “60 Minutes” Coverage</h2>   
<p>While Garlinghouse’s appearance on <em>60 Minutes</em> was a major moment for the crypto community, he expressed frustration with how the show handled the coverage. He criticized the lack of mention about a recent federal judge’s ruling that XRP is not a security. Instead, the show gave air time to Spencer, a former SEC official, who repeated the claim that XRP could still be considered a security.</p>   
<p>Garlinghouse called this a missed opportunity. </p>   
<blockquote class="wp-block-quote">
  
 <p><em>"the misinformation doesn't only hurt Ripple but also the whole industry."</em></p> 
</blockquote>   
<p class="has-background" style="background-color:#e9f0ff"><strong>With the Ripple vs. SEC drama heating up, market uncertainty rises—read our&nbsp;<a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/" target="_blank" rel="noreferrer noopener">XRP price prediction</a>&nbsp;to uncover potential trends and future moves!</strong></p>   
<h2 class="wp-block-heading" id="h-effect-on-xrp-s-price">Effect on XRP's Price</h2>   
<p>XRP has been under serious pressure from the SEC case, both in terms of perception and its price performance. After the interview, XRP <a href="https://markets.coinpedia.org/xrp/" target="_blank" rel="noreferrer noopener">dropped to $2.40</a>, which would reflect a plunge of 5% within 24 hours.</p>   
<p>Meanwhile, many investors have targeted the $3 price level for XRP. However, Garlinghouse pointed out that this battle was for much more than price. It was to make sure that crypto has its rightful place in the global economy.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-faqs">FAQs</h2>   
<div class="schema-faq wp-block-yoast-faq-block">
 <div class="schema-faq-section" id="faq-question-1733745670348">
  <strong class="schema-faq-question"><strong>What is the Ripple vs SEC legal battle about?</strong></strong> 
  <p class="schema-faq-answer">Ripple is fighting SEC allegations that XRP is an unregistered security, with over $150 million spent in legal fees.</p> 
 </div> 
 <div class="schema-faq-section" id="faq-question-1733745689253">
  <strong class="schema-faq-question"><strong>How did the CBS 60 Minutes interview affect XRP's price?</strong></strong> 
  <p class="schema-faq-answer">After the interview, XRP’s price dropped by 5% to $2.40, impacted by misinformation and ongoing legal pressure.</p> 
 </div> 
</div>

Ripple VS SEC: Garlinghouse Reveals $150M Loss in SEC Battle, Slams Gensler

Table of Contents

CoinPedia News

Other articles published on Dec 9, 2024

Top 10 ERC-20 Tokens to Buy in December 2024

Ripple CTO Poses Crucial Security Question to SEC Veteran

Trump’s $22B crypto bet takes center stage at Bitcoin MENA event

Cardano Foundation Recovers X Account After Hack and Scam Post

'Accept Bitcoin (BTC) Payments?': Amazon Receives Game-Changing Solution From Ex-Binance Boss

Ethereum Breakout Signals Strong Bullish Trend After Breaking Key $3,982 Barrier

Join our free newsletter for daily crypto updates!