Ripple CEO Garlinghouse Discloses $150M Loss in SEC Fight and Millions Donated to Pro-Crypto Candidates

Highlights:

• Ripple and two crypto firms donated $144 million to support ro-crypto candidates in the election.
• Ripple’s CEO stated that the cryptocurrency industry seeks regulation, not deregulation or removal of rules.
• Spot Bitcoin ETFs, led by BlackRock, saw billions in inflows, showing growing institutional interest.

During his much-anticipated appearance on the “60 Minutes” program, Ripple CEO Brad Garlinghouse discussed Ripple’s fight with the SEC, XRP’s growth, crypto’s political influence, and the remarkable success of US spot Bitcoin (BTC) exchange-traded funds (ETFs).

Ripple’s Crypto Advocacy in US Elections

Ripple and two other crypto companies contributed $144 million to super PACs backing pro-crypto candidates. These donations were bold and made a significant impact. The industry backed 62 congressional candidates, and 85% of them won. “Do I think we had an impact? Absolutely,” said Garlinghouse.

Margaret Brennan asked Brad if Ripple’s donations were “buying elections.” Brad disagreed, saying voters made the final decision but admitted Ripple played a major role in funding campaigns. He explained that, like many industries, they educated voters and “supercharged candidates with money.”

Ripple CEO Reavels $150M Loss in SEC Battle

Garlinghouse mentioned that FairShake might not exist if the SEC had a different chairman. He also revealed Ripple spent over $150 million challenging the SEC’s stance on XRP. Gary is the current SEC Chair and widely disliked in the crypto industry. Under his leadership, the SEC has filed over 120 lawsuits against crypto service providers, limiting the industry’s growth.

The most notable case is the ongoing lawsuit against XRP, which has been the longest-running. However, during the 60-minute interaction, the Ripple CEO once again rejected the claims that XRP is a security. He stated that he doesn’t see any similarities between security and XRP.

President Donald Trump’s Cabinet picks hinted at his support for crypto. Scott Bessent, the nominee for Treasury Secretary, stated that crypto represents freedom and is here to stay. Trump also selected Paul Atkins, a former SEC commissioner with crypto connections, to replace Gary Gensler. He also named the first-ever White House Crypto czar.

Ripple CEO stressed that the crypto industry is not asking for deregulation. He emphasized that they are requesting regulation, not the removal of it.

Spot Bitcoin ETFs Attract Billions, Driven by BlackRock’s Major Investments

Garlinghouse noted that spot BTC ETFs accumulated assets faster than any previous ETF in the United States. He also addressed skepticism toward blockchain technology, saying new industries often face doubt. However, the swift success of BTC ETFs proves that cryptocurrencies are not just a trend.

A recent Bloomberg report revealed that US Bitcoin ETFs have seen about $10 billion in inflows since the November 5 elections and President-elect Trump’s win. The report highlighted that Trump’s pro-crypto stance encouraged more investments into the ETFs.

According to Bloomberg, since Trump was elected as the US president, US ETFs that invest directly in Bitcoin have attracted nearly $10 billion in inflows, with people betting that Trump's embrace of the cryptocurrency industry will herald a market boom. https://t.co/sm5dhV7Q9d

— Wu Blockchain (@WuBlockchain) December 9, 2024

Brad Garlinghouse Unhappy with 60 Minutes for Missing Key XRP Details

The 60 Minutes interview aired, but the Ripple CEO and the crypto community were unhappy. He noted key details about XRP and Ripple’s operations were missing. The interview missed the Federal Judge’s ruling that XRP is not a security. Instead, it featured claims from John Reed Stark, stating that many US judges view XRP as a security. The Ripple SEC case has impacted XRP’s price, but misinformation continues to affect its performance. However, things may improve with Gary Gensler’s resignation.

Crypto made its debut on @60Minutes tonight – there’s no doubt that these technologies will continue to become more and more mainstream – with influence and reach that will only continue to grow.

A few things I do want to comment on after watching:

I spoke with Margaret…

— Brad Garlinghouse (@bgarlinghouse) December 9, 2024