Ripple CEO Brad Garlinghouse made a notable appearance on CBS’ 60 Minutes, where he defended Ripple’s role in the cryptocurrency industry and its rising influence in American politics.
During the interview , Garlinghouse highlighted Ripple’s significant financial contributions to political campaigns during the 2024 election cycle, emphasizing the importance of supporting pro-crypto candidates across party lines.
Ripple and two other crypto firms collectively contributed $144 million to super PACs, backing 62 congressional candidates—29 Republicans and 33 Democrats. With an impressive success rate, 85% of those candidates won their races. “Do I think we had an impact? Absolutely,” Garlinghouse stated.
Ripple’s Role in Shaping Political Support
The contributions marked a calculated effort by Ripple and its allies to influence congressional elections. One-third of all corporate donations to super PACs during this cycle came from the crypto sector. When asked by interviewer Margaret Brennan whether these actions amounted to “buying elections,” Garlinghouse rejected the idea.
He argued that voters made independent decisions but acknowledged Ripple’s financial role in supporting campaigns. “We educated voters, as many industries do, about candidates,” he explained, adding, “We absolutely supercharged candidates with money.”
The interview also touched on President Donald Trump’s apparent support for the crypto industry. His administration’s policy direction has become clearer with the nomination of crypto-friendly figures, including Scott Bessent for Treasury Secretary and Paul Atkins, a former SEC commissioner, to replace Gary Gensler as Chair of the Securities and Exchange Commission.
Additionally, Trump created a new White House Crypto Czar role, signaling a commitment to a regulatory framework favorable to digital assets.
Ripple’s Legal Battle with the SEC
The conversation also addressed Ripple’s ongoing legal dispute with the SEC, which began in December 2020. The SEC’s lawsuit alleges that XRP is an unregistered security. Garlinghouse characterized the lawsuit as part of a broader “war on crypto” led by former SEC Chair Gensler. He noted that Ripple, and some other crypto companies, helped establish the super PAC “Fairshake” in response to regulatory challenges.
Garlinghouse revealed that Ripple has spent over $150 million defending itself in court and reiterated that XRP does not meet the definition of a security. “I think I’m reasonably intelligent about something like, ‘What is a security?’ Never once had I considered the possibility that XRP is a security,” he remarked.
Despite Garlinghouse’s assertions, critics remain unconvinced. John Reed Stark, a former SEC official, argued that the courts have consistently sided with the SEC in similar cases. Describing the designation of XRP as a security as “an obvious call,” Stark also voiced broader concerns about cryptocurrency’s potential misuse in crimes such as ransomware and money laundering.
Garlinghouse countered these criticisms by pointing out that there are bad actors in every industry. “Bernie Madoff went to jail. That doesn’t make every hedge fund manager a criminal,” he said, emphasizing Ripple’s commitment to compliance and regulatory engagement.
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Future of Crypto Regulation and XRP’s Resurgence
In the interview, Garlinghouse called for regulatory clarity, advocating for crypto regulation to shift from the SEC to the Commodity Futures Trading Commission (CFTC).
He argued that the CFTC’s approach would foster innovation while maintaining market integrity. Critics like Stark, however, contend that this would weaken investor protections, as the SEC’s mandate is centered on safeguarding investors.
Meanwhile, XRP’s value has remarkably increased, surging over 300% since Election Day and solidifying its position as a leading cryptocurrency. Ripple has already announced an additional $25 million contribution to Fairshake, bringing its total funding to $103 million, to support pro-crypto candidates in future elections.
Despite its recent gains, XRP’s price dipped by 5.89% in the last 24 hours, settling at $2.40. While the cryptocurrency industry faces ongoing skepticism from figures like JPMorgan CEO Jamie Dimon and investor Warren Buffett, Garlinghouse pointed to the rapid success of the Bitcoin ETF as evidence of growing acceptance. “It attracted more assets in less time than any ETF ever before,” he said.
Ripple’s strategies indicate its determination to remain a major player in shaping the future of cryptocurrency policy and adoption.
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