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.
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.
The first week of July brings several important developments in the United States that could influence both traditional markets and the cryptocurrency sector.
Ric Edelman, one of the most influential voices in personal finance, has radically revised his stance on crypto allocation. After years of cautious optimism, he now believes that digital assets deserve a far larger share in investment portfolios than ever before.
In the case involving Terraform Labs and its co-founder Do Hyeong Kwon, the defense has asked the Federal Court for the Southern District of New York to extend the deadline for pretrial filings by two weeks, pushing it beyond the original date of July 1, 2025.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.