As a seasoned crypto investor with years of experience navigating the volatile and often perplexing world of digital assets, I can’t help but feel a mix of exasperation and amusement when it comes to the ongoing saga between Ripple and the SEC.
In a tweet, Brad Garlinghouse, the CEO of blockchain payments company Ripple Labs, expressed his view that some crucial details were omitted from a recent 60 Minutes broadcast discussing cryptocurrency’s potential impact on the 2024 U.S. elections.
In a December 8th update on X, Garlinghouse stated that the news broadcast left out crucial details concerning the U.S. Securities and Exchange Commission (SEC)’s legal action against Ripple.
60 Minutes’ segment featuring Margaret Brennan discussed Ripple’s financial contributions to the PAC called Fairshake, totaling millions, to boost pro-cryptocurrency candidates during the U.S. election. Additionally, the report highlighted the regulatory action taken by the SEC against Ripple concerning the XRP token.
According to the CEO’s statement broadcasted on December 8th, they claimed that Ripple’s transaction of XRP was selling an unregistered securities product.
Following the broadcast of the 60 Minutes segment, the CEO of Ripple clarified on X that a federal judge determined in July that XRP was not classified as a security for programmatic sales on digital asset exchanges. However, John Reed Stark, a former SEC official, argued during the segment that similar tests might also categorize XRP as a security, stating “judges have repeatedly ruled that these are securities.
Garlinghouse said:
“[Stark] knows better despite his comments that 60 Minutes chose to air.”
Back in December 2020, the SEC (Securities and Exchange Commission) brought a lawsuit against Ripple. In August, it was decided that Ripple owes the SEC a $125 million fine for civil violations. The SEC then contested this decision, while Ripple also filed a counter-appeal. As a result, the civil case between the two parties remains active at the time this content was published.
Is XRP making a comeback after the SEC battle?
Following the court decision in August, XRP regained its prior ranking as the third-largest cryptocurrency by market cap for a short while. Additionally, some investment firms have filed with the Securities and Exchange Commission (SEC) to introduce exchange-traded funds (ETFs) that track XRP’s performance.
The question of whether certain tokens qualify as securities under SEC regulations was one of the sticking points for many in the crypto industry criticizing US lawmakers and regulators. Garlinghouse said on 60 Minutes that he was “not sure Fairshake would exist” if there had been leadership at the SEC who had taken a different approach to digital assets than that of Chair Gary Gensler.
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2024-12-09 19:39