Ripple CEO Brad Garlinghouse and former SEC official John Reed Stark engaged in a contentious exchange. The clash centered on the SEC’s ongoing crypto enforcement approach with the recent XRP case appeal grabbing spotlight. The debate unfolded on X (formerly Twitter) following the airing of a segment on 60 Minutes featuring crypto’s rise to mainstream prominence.
Ripple CEO Fumes at John Reed Stark
Garlinghouse criticized 60 Minutes for omitting critical points regarding Ripple’s legal battle with the SEC. “When discussing the SEC’s misguided lawsuit against Ripple, 60 Minutes shockingly left out that a Federal Judge ruled that XRP is not a security,” he wrote, emphasizing the decision’s importance in the ongoing debate about crypto regulation.
The Ripple CEO also pushed back against claims made during the segment, arguing that crypto’s utility is being underestimated. “To say crypto has no utility is exactly what the naysayers said about the Internet in its earliest days… Today, even JPMorgan is coming around on blockchain,” he stated.
He added that Ripple is already conducting “billions of dollars of KYC-ed transactions for institutional customers, leveraging XRP to move money cross-border more efficiently than traditional payment rails.”
Stark responded, defending his skepticism about digital assets while acknowledging the public’s sentiment. “Under any circumstance, much to my own personal dismay, the public’s voice must be heard, and the SEC’s crypto-enforcement program should (and will) stop dead in its tracks,” he wrote, referencing President-Elect Donald Trump’s pro-crypto stance.
Moreover, Stark suggested that the SEC should halt its crypto-related investigations. He wrote, “Like it or not, the people have spoken.” Stark also denied being aligned with SEC Chair Gary Gensler, a claim Garlinghouse had implied in his post.
John, while you may not know Gensler, you sounded an awful lot like him with statements that are boldfaced misrepresentations (a polite way of saying LIES) – they certainly sounded like Gensler talking points. “No licensure, no utility, all Judges have said tokens are securities,…
— Brad Garlinghouse (@bgarlinghouse) December 9, 2024
“I’ve never spoken, met, or even been in the same room as Gary Gensler,” Stark asserted. He also added that he looks forward to Paul Atkins, a Trump appointee, potentially reversing several of Gensler’s regulatory initiatives.
Garlinghouse Stands His Ground
However, Garlinghouse responded forcefully, accusing Stark of perpetuating “boldfaced misrepresentations.” He pointed out, “No licensure, no utility, all Judges have said tokens are securities, crypto makes it far easier to do all crime — these are all PROVABLY false.”
While their disagreement remained evident, the Ripple CEO acknowledged Stark’s call for the SEC to drop its XRP lawsuit appeal, noting “On that, we agree!”
Also Read: Ripple CEO Calls Out SEC for Clearer Rules on 60 Minutes
