On the latest episode of CBS’s “60 Minutes,” Ripple CEO Brad Garlinghouse did a rare… appearance To discuss the intersection of cryptocurrencies and politics. Despite the high-profile platform, many members of the cryptocurrency community found the sector disappointing, as Garlinghouse’s contributions were scarce amid a broader narrative that lacked depth and balance.
Ripple CEO criticizes CBS
Throughout the approximately 13-minute film, Ripple’s CEO is asked about the cryptocurrency industry’s pivotal impact on the US presidential election, in particular the significant financial influence of cryptocurrency companies. CBS highlighted that Ripple, along with other cryptocurrency companies, has contributed a total of $144 million to super PACs supporting both Republicans and Democrats.
Garlinghouse pointed to the effectiveness of these contributions in shaping electoral outcomes, noting their impact in pivotal races such as the election of Democratic senators in Michigan and Arizona. “Do I think we had the influence to elect Michigan Democratic Senator Alyssa Slotkin? Yes, of course. Do I think we had an impact in Arizona? Democratic Senator from Arizona, Gallego? He said: Sure.
On the topic of regulation, Garlinghouse emphasized the industry’s push for clear legislative guidelines. He stressed the importance of establishing “clear rules of the road” to ensure the United States remains a leader in crypto rather than pushing the industry offshore where protection is minimal. “We asked for regulation. So we were saying, hey, look, just give us clear rules of the road,” the Ripple CEO said.
Garlinghouse praised the bipartisan effort, specifically pointing to the Fit 21 bill as an important step toward a balanced regulatory framework that reallocates some regulatory responsibilities from the SEC to the Commodity Futures Trading Commission (CFTC). Regarding the XRP lawsuit, CBS only broadcast a few words from Ripple’s CEO: “Their claim was that Ripple in our XRP sales represented a sale of unregistered securities. (…) I went to Harvard Business School. I think I’m pretty smart Reasonable about what a security is so I never thought about the possibility of XRP being a security.”
Garlinghouse also touched on the evolving political landscape, noting President-elect Donald Trump’s retreat from cryptocurrency. Speaking about Trump’s cryptocurrency project, he said: “Whether it was a conflict of interest or not, the voters deliberately said we want this person to be our president. Yes, the voters spoke more than I did.”
After the Garlinghouse broadcast Express X expressed dissatisfaction with the segment, criticizing its lack of comprehensive coverage of key developments. He noted that the interview did not mention Judge Analisa Torres’ ruling that XRP is not a security. “It is shocking that 60 Minutes ignored a federal judge’s ruling that XRP is not a security… Shel Gensler (John Reed Stark) knows better despite his comments being picked up by 60 Minutes to air,” Garlinghouse wrote.
He added: “Finally, saying that cryptocurrencies have no benefit is exactly what naysayers said about the Internet in its early days – that it is nothing more than an illicit activity. (…) Today, even JPMorgan is turning to blockchain technology… ( 60 Minutes also failed to mention that Ripple performs billions of dollars in KYC transactions for our institutional clients — leveraging XRP to move funds across borders more efficiently than traditional payment bars.)”
Crypto industry reaction
Brian Bowring, also founder and CEO of The Digital Chamber Express She criticized Via X, calling the segment a “missed opportunity” for balanced discussion. She said the episode misrepresented advocacy for cryptocurrencies as a threat to democracy, ignoring the First Amendment protections for free speech and property rights inherent in permissionless cryptocurrencies.
“CBS News has failed in its role as protector of First Amendment values by ignoring these basic facts. Instead, it has framed corporate America’s advocacy for these rights as unethical political pressure, misrepresenting the true risks of the cryptocurrency debate.”
It also claimed that this segment relied too heavily on John Reed Stark, a former SEC official whose credibility in the cryptocurrency space is limited, weakening the opposing view presented. “This sensationalist rhetoric ignored basic facts: cryptocurrency transactions are recorded on an immutable public ledger – the blockchain. (…) A real expert on cryptocurrency crimes could have provided an accurate, fact-based perspective. Instead, he chose 60 Minutes amplified the unqualified voice, undermining its credibility (…) It is puzzling that 60 Minutes failed to challenge such an easily refuted assertion.
Boring also criticized the portrayal of the SEC’s position, highlighting the agency’s regulatory failures, such as the breakdown in oversight at the FTX exchange. She said that blaming cryptocurrencies themselves for FTX’s collapse ignores the lack of a clear regulatory framework in the US, which she believes created the conditions for FTX’s growth and eventual collapse. “If the United States had established a clear and consistent regulatory framework, local exchanges could have taken the lead and operated under US supervision to protect investors and prevent fraud,” she noted.
At press time, XRP was trading at $2.37.
Featured image by X @60Minutes, chart from TradingView.com