- The Ripple CEO made his debut on “60 Minutes” and touted XRP to millions of viewers.
- He then fought on X with crypto-skeptic John Reed Stark, who worked for the SEC.
- Whether cryptocurrencies are securities has been a long-standing debate in the industry.
Ripple CEO Brad Garlinghouse gained mainstream attention with an appearance on the CBS show “60 Minutes.”
On the show, Garlinghouse had the opportunity to make the case for cryptocurrencies to the show’s 10 million weekly viewers – he supported Ripple and detailed his battle with regulators over the XRP token.
However, the beginnings were difficult with the appearance of the former head of the Securities and Exchange Commission, John Reed Stark.
Stark, a crypto skeptic and supporter of SEC Chairman Gary Gensler, presented an opposing view on crypto usefulness, regulation and classification of XRP.
The debate spilled over to X after the broadcast, where Garlinghouse criticized the programme.
He called Stark “Gensler’s shill,” prompting Stark to deny the label and respond, “I have never spoken to, met, or even been in the same room with Gary Gensler.” »
Even with presidential support on the horizon in the United States, crypto’s staunchest advocates and fiercest critics remain at odds.
Shock of perspectives
In the “60 Minutes” segment, Garlinghouse highlighted the growing adoption of crypto and compared crypto skepticism to the early days of the Internet.
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“How wrong they were,” he said, referring to companies like JPMorgan now adopting blockchain and cryptocurrencies like XRP to move “billions of dollars in KYC transactions for institutional clients “.
Stark, however, called cryptocurrency a “scourge,” saying it has no utility and poses systemic risks.
“It’s not something you want in your society.” This is of no use. This is just pure speculation,” he said.
Stark also addressed XRP directly, saying it is unquestionably a security.
“The judges have said over and over that these are securities,” he said.
Is XRP a security?
Garlinghouse responded to the segment on X, expressing frustration with how “60 Minutes” handled the discussion.
“In discussing the SEC’s misguided lawsuit against Ripple, 60 Minutes shockingly omitted that a federal judge had ruled that XRP was not a security,” he wrote.
Garlinghouse was referring to a 2023 ruling by Judge Analisa Torres, who said Ripple’s institutional sales of XRP violated securities laws, but that its sales to retail investors did not constitute securities transactions.
XRP Season
Last week, XRP hit a six-year high of $2.85, briefly overtaking Tether’s USDT to briefly claim third place in terms of market value.
The token has quadrupled since Donald Trump’s presidential victory, as investors anticipate a more crypto-friendly regulatory environment.
Other factors fueling the rally include the re-listing of XRP on Robinhood and increased trading activity from Coinbase whales and South Korean retail investors.
Meanwhile, the prospect of XRP ETFs, with several filings already submitted, has analysts predicting further price growth.
