In a recent development, Ripple CEO Brad Garlinghouse has become embroiled in a public spat with John Reed Stark, a former official of the U.S. Securities and Exchange Commission.
Following Garlinghouse’s appearance on 60 Minutes, he took to the social media platform X to counter Stark’s statements during his own 60 Minutes interview, triggering a series of exchanges between the two.
The dispute erupted when Garlinghouse charged Stark with disseminating false information, particularly regarding a recent court ruling that determined XRP is not a security. Garlinghouse was also critical of the media for omitting crucial details in their reporting. He posted on X (previously Twitter), stating, “The media omitted essential facts,” in reference to the judge’s decision in the ongoing legal tussle between Ripple and the SEC.
Stark refuted Garlinghouse’s claim that he was a “shill” for SEC Chairman Gary Gensler. He explained that while he has a firm stance on crypto, he believes the SEC’s enforcement actions should cease.
Stark contends that halting such actions could bring clarity to the industry. However, Garlinghouse asserted that although Stark might not be a Gensler supporter, his arguments bore a resemblance to those of the SEC Chair.
During the interview, Stark made several audacious remarks about the cryptocurrency market, alleging that it enables crime and has limited practical applications. Garlinghouse retorted that the main issue is not the crypto itself but rather the SEC’s clampdown. “The SEC’s actions in suppressing the market are the primary obstacle,” he remarked.
Ripple’s foray into the political arena was another significant aspect covered in the 60 Minutes segment. The company contributed $25 million to the crypto-supporting Super PAC Fairshake, which backs candidates in favor of digital assets. This effort to gain political allies bore fruit in the last election, as crypto-friendly voters contributed to Republican victories.
Concurrently, the future of crypto regulation may soon change as the SEC braces for new leadership. With President-elect Donald Trump nominating pro-crypto Paul Atkins to lead the SEC, Garlinghouse anticipates a more even-handed approach from the agency starting next year.
Related Topics:
Ripple Litigation: US Court’s Expedited Judgment and Market Impact
Ripple’s Investment in Bitwise’s XRP ETP and Market Developments
XRP’s Spectacular Rise: Ripple’s Strengthening in the Crypto World
