Ripple CEO Slams SEC and Media Coverage, Reveals $150M Legal Battle Over XRP

Ripple CEO Brad Garlinghouse has publicly addressed the company's ongoing legal struggle with the U.S. Securities and Exchange Commission (SEC), revealing the financial toll it has taken.

In a candid interview on CBS’s 60 Minutes, Garlinghouse disclosed that Ripple has spent over $150 million defending itself against allegations that its cryptocurrency, XRP, constitutes an unregistered security. He placed much of the blame for this drawn-out conflict on SEC Chairman Gary Gensler, accusing him of leading a broader “war on crypto.”

Garlinghouse expressed frustration over the SEC’s stance, stating that he never considered XRP to be a security and questioned the basis of the agency’s actions. The CEO also underscored that Ripple’s legal battle has far-reaching consequences for the entire crypto sector.

To address what he sees as an unfair regulatory environment, Garlinghouse pointed to the formation of Fairshake, a political action committee (PAC) established in 2023 by Ripple and other industry leaders. This group, according to Garlinghouse, was a direct response to Gensler’s policies, which he argues are harmful to innovation and clarity within the crypto industry.

READ MORE:

Investing in Bitcoin Under $1: Justin Sun’s Pioneering Journey in Crypto

However, Garlinghouse also expressed disappointment with the media coverage of his company’s legal situation. He criticized 60 Minutes for omitting crucial details, such as a recent court ruling that found XRP is not a security, while allowing a former SEC official to repeat the claim that it could be. He described this as a missed opportunity, adding that such misinformation not only damages Ripple but also undermines the broader cryptocurrency sector.

Kosta Gushterov