Ripple CEO Brad Garlinghouse appeared on CBS’ 60 Minutes, delivering a sharp, unapologetic defense of Ripple’s strategies, XRP’s meteoric rise, and the crypto industry’s growing political muscle.

Ripple, alongside two other crypto firms, funneled $144 million into super PACs supporting pro-crypto candidates across party lines. These efforts weren’t subtle, and the results were loud.

Of the 62 congressional candidates backed by the industry (29 Republicans and 33 Democrats) 85% walked away with victories. “Do I think we had an impact? Absolutely,” he said.

Crypto cash and political clout

Ripple’s role in the 2024 election cycle was a calculated move, with one-third of all corporate donations to super PACs coming from the crypto industry. The stakes were high, and Brad, along with other industry elites, knew that they needed to seize control of the Congress.

Margaret Brennan, the interviewer, pressed him on whether Ripple’s financial contributions amounted to “buying elections.” Brad dismissed the notion, arguing that voters ultimately made their choices, but he didn’t deny Ripple’s heavy hand in funding candidates’ campaigns.

“We educated voters, as many industries do, about candidates,” he said, while also acknowledging, “We absolutely supercharged candidates with money.”

President Donald Trump’s Cabinet picks signaled a confirmation of his expected crypto-friendly approach. Treasury Secretary nominee Scott Bessent has said that “Crypto is about freedom and the crypto economy is here to stay.”

The president also tapped Paul Atkins, a former SEC commissioner with ties to crypto companies, to replace outgoing Chair Gary Gensler at the Securities and Exchange Commission. He has also appointed the first-ever White House Crypto czar.

The SEC’s hostile crackdown and Ripple’s fightback

Ripple’s battles with the SEC are nothing new. The agency filed a lawsuit against Ripple in December 2020, alleging that XRP was an unregistered security. Brad called the lawsuit a symptom of a broader “war on crypto,” a conflict he says was fueled by Gensler’s leadership.

“Why did these companies come together and organize Fairshake? It’s a reaction to a war on crypto,” Brad said, referring to the super PAC Ripple helped create.

It is now the largest crypto super PAC. Brad emphasized that Ripple has spent over $150 million fighting the SEC in court, arguing that XRP doesn’t fit the traditional 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 said.

Not everyone agrees with Ripple’s position. John Reed Stark, a former SEC official, argued that courts have consistently ruled in favor of the SEC, describing the designation of XRP as a security as “an obvious call.” 

Stark, who owns no crypto and has never worked for the industry, doubled down on his critique, calling crypto “a scourge” and pointing out its use in crimes like ransomware, sanctions evasion, and money laundering. “North Korea is financing their nuclear weapons program using crypto,” he has said.

Brad dismissed such broad-brush accusations, pointing out that bad actors exist in every industry. “Bernie Madoff went to jail. That doesn’t make every hedge fund manager a criminal,” he countered, adding that Ripple is one of the “good actors,” working with financial institutions to improve cross-border payments using XRP.

“We’ve been asking to be regulated. Just give us clear rules of the road,” Brad said. Another thing Trump also wants to do is move the regulatory authority of crypto entirely from the SEC to the Commodity Futures Trading Commission (CFTC), an agency with a reputation for being more industry-friendly.

But Stark said that the lighter regulatory touch will not adequately protect investors. “The SEC’s mandate is investor protection. The CFTC is about market integrity. It’s a much easier regulatory regime for the crypto industry,” he said.

XRP’s resurgence and Ripple’s next moves

Since Election Day, XRP’s value has surged over 300%, reinforcing its position as a market leader. Ripple hasn’t wasted time capitalizing on this momentum. Brad recently announced an additional $25 million contribution to Fairshake, bringing its total funds to $103 million.

The super PAC is already preparing for the next election cycle, ensuring that pro-crypto candidates remain well-funded. Despite the growing acceptance of crypto, skeptics like JPMorgan CEO Jamie Dimon and legendary investor Warren Buffet continue to dismiss it as a “pet rock” and “rat poison squared.”

Brad brushed off such criticism, pointing to the success of the Bitcoin ETF, which launched earlier this year and attracted record-breaking investments. “It attracted more assets in less time than any ETF ever before.” At press time, XRP was worth $2.50, down by 3.5% in the past twenty-four hours.

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Source: https://www.cryptopolitan.com/ripple-ceo-on-60-minutes/