Ripple CEO Brad Garlinghouse has publicly challenged CBS’s 60 Minutes over what he describes as an incomplete and potentially misleading portrayal of the cryptocurrency industry in their recent broadcast.
Following a 90-minute interview that aired on Sunday, Garlinghouse took to social platform X to address what he claims were major omissions and mischaracterizations in the program’s coverage. The response comes at a critical moment for the cryptocurrency industry. The space has seen unprecedented political influence and market growth in recent months.
In a series of detailed posts, Garlinghouse highlighted several key issues with the broadcast’s narrative. Particularly noting the program’s failure to mention a landmark federal court ruling regarding XRP’s security status. As well as addressing Ripple’s extensive institutional business operations.
Ripple CEO points out critical omissions
The most important point of contention in Garlinghouse’s response centers on the program’s omission of a pivotal federal court ruling regarding XRP’s security status.
In what many industry observers consider a landmark decision, a federal judge had previously ruled that XRP is not a security. It is a crucial detail that Garlinghouse argues was deliberately excluded from the broadcast. This ruling represented a major victory for Ripple in its ongoing regulatory battles. It sets an important precedent for the broader cryptocurrency industry.
The CEO’s criticism extended to the program’s presentation of expert commentary. Particularly highlighting the statements of John Reed Stark, former chief of internet enforcement at the SEC.
According to Garlinghouse, the broadcast selectively aired Stark’s views about cryptocurrency’s legal status. While disregarding the existing judicial precedent that contradicted these assertions. “Gensler’s shill knows better despite his comments that 60 Minutes chose to air,” Garlinghouse stated in his response.
The interview’s timing coincided with major developments in the cryptocurrency regulatory landscape. It included the ongoing debate over the Financial Innovation and Technology for the 21st Century Act (FIT21).
The broadcast covered the legislative aspects and political contributions from crypto companies. But, Garlinghouse argues it failed to provide adequate context about the industry’s push for regulatory clarity rather than deregulation.
Defending Crypto’s Utility and Real-World Applications
Central to Garlinghouse’s critique was the program’s portrayal of cryptocurrency’s practical utility. While 60 Minutes focused heavily on political spending and market speculation, it notably omitted Ripple’s significant achievements in revolutionizing cross-border payments.
Garlinghouse pointed out that his company processes billions of dollars in KYC-compliant transactions for institutional customers, leveraging XRP to facilitate more efficient international money transfers than traditional payment systems.
The CEO drew a compelling parallel between current cryptocurrency skepticism and historical doubts about the internet’s utility. “To say crypto has no utility is exactly what the naysayers said about the Internet in its earliest days,” Garlinghouse noted.
Media representation and industry growth
The disconnect between mainstream media coverage and cryptocurrency industry realities represents a broader challenge for the sector’s public perception.
While 60 Minutes dedicated significant airtime to exploring crypto’s political influence and investment volatility, Garlinghouse argues the program missed an opportunity to illuminate the technology’s transformative potential in global finance.
This gap in representation becomes particularly important as the industry continues its evolution from a speculative investment vehicle to an integral part of modern financial infrastructure.
