Garlinghouse Reveals $150M Loss in SEC Battle, Slams Gensler

Ripple CEO Brad Garlinghouse didn’t hold back during his recent appearance on CBS 60 Minutes, shedding light on the company’s prolonged battle with the SEC. He revealed that Ripple has spent over $150 million in legal fees while fighting allegations that XRP is an unregistered security. The CEO blamed SEC Chair Gary Gensler for leading what he described as a broader “war on crypto.”

During his recent appearance on CBS 60 Minutes, Ripple’s CEO Brad Garlinghouse opened up on Ripple’s longer tussle with the SEC. While revealing that Ripple had spent more than $150 million in defending against allegations that XRP is unregistered security, the CEO blamed Gary Gensler, the SEC boss, for what he called a broader “war on crypto.”

Ripple’s Fight for Regulation

Garlinghouse didn’t mince words when addressing the SEC’s stance on XRP. “I think I’m reasonably intelligent about something like, ‘What is security?’ Never once had I considered the possibility that XRP is a security.”

The legal battle did not only turn Ripple financially dry, it was so much to reshaping the crypto industry’s march toward regulation. Garlinghouse stated that Ripple, together with other firms, has organized Fairshake-a super PAC to fight an unjust regulatory regime.

Fairshake, which launched in 2023, was a direct response to Gensler’s aggressive approach toward crypto. “If someone else was an SEC Chair, I don’t see this organization being there.”

He also noted that the crypto industry does not ask for a waiver but for the clear and fair rights under which they will operate.

Disappointment with “60 Minutes” Coverage

While the interview was a big moment for crypto, Garlinghouse was open and vocal in his disappointment at how CBS 60 Minutes broadcasted the coverage. 

According to him, the omission of important details was plain, including the fact that the ruling by the recent Federal Judge, that XRP could not be deemed to be a security, was not reported. Instead, the program gave Spencer, an ex-SEC official, airtime to say once again that XRP could be a security. 

Garringhousce has termed this as a missed opportunity, noting that “the misinformation doesn’t only hurt Ripple but also the whole industry.”

Effect on XRP’s Price

XRP has been under serious pressure from the SEC case, both in terms of perception and its price performance. After the interview, XRP dropped to $2.40, which would reflect a plunge of 5% within 24 hours.

Meanwhile, many investors have targeted the $3 price level for XRP. However, Garlinghouse pointed out that this battle was for much more than price. It was to make sure that crypto has its rightful place in the global economy.