On a recent episode of CBS’ “60 Minutes,” Ripple CEO Brad Garlinghouse made a rare appearance to discuss the intersection of crypto and politics. Despite the high-profile platform, many members of the crypto community found the piece underwhelming, and Garlinghouse’s contributions were rare among a broader narrative that lacked depth and balance.
Ripple Slams CBS Official
Throughout the almost 13-minute feature, Ripple’s CEO was asked about the significant impact the crypto industry has on the US presidential election, especially the huge financial impact of crypto companies. CBS confirmed that Ripple, along with other crypto firms, donated $144 million to super-pacs supporting Republicans and Democrats.
Garlinghouse noted the effectiveness of these donations in shaping election outcomes, noting their impact in key races such as the Democratic primary in Michigan and Arizona. “Did I think we had an impact on the election of the Democratic Senator in Michigan, Alyssa Slotkin? Yes, absolutely. Do I think we had an impact in Arizona? The Democratic Senator in Arizona, Galego? Absolutely,” he said.
On the topic of regulation, Garlinghouse emphasized the industry’s push for clear regulatory guidelines. He emphasized the importance of establishing “clear rules of the road” to ensure that the United States remains a leader in the crypto space rather than operating the industry offshore where protections are minimal. “We were asking for it to be under control. So we’ve been saying, look, just give us some clear rules of the road,” Ripple’s CEO said.
Garlinghouse praised the bipartisan efforts, specifically citing the Fit 21 bill as an important step toward a more balanced regulatory framework that reallocates certain regulatory responsibilities from the SEC to the Commodity Futures Trading Commission (CFTC). In the XRP court, CBS broadcast only a few words from Ripple’s CEO: “Their allegations were that Ripple in our XRP sale represented an unregistered security sale. […] I studied at Harvard Business School. I think I’m reasonably smart about what collateral is. So I never once thought that maybe, okay, maybe XRP is a hedge. “
Garlinghouse also touched on the evolving political climate, noting President-elect Donald Trump’s U-turn on cryptocurrency. Speaking about Trump’s crypto project, he said: “Whether it’s a conflict of interest or not, the voters know that we want this person to be our president.” Yes, the voters spoke louder than me.”
After this broadcast, Garlinghouse expressed his displeasure with X for this segment, criticizing its lack of comprehensive coverage of important developments. He pointed out that the interview failed to mention Judge Analisa Torres’ ruling that XRP is not a security. ”60 Minutes was shockingly left out by a Federal Judge ruling that XRP is not a security…Gensler’s shill (John Reed Stark) knows better despite his comments that 60 Minutes chose to broadcast,” Garlinghouse wrote.
He added: “Finally, to say that crypto is nothing is exactly what they said about the Internet in its early days – that it is nothing more than an illegal activity. […] Today, even JPMorgan is helping with the blockchain… (60 Minutes also failed to mention that Ripple is doing billions of dollars in KYC-ed transactions for our institutional clients – using XRP to move money across borders more efficiently than traditional payment channels. )”
The Crypto Industry Reacts
Perianne Boring, Founder and CEO of The Digital Chamber, also voiced her criticism of X, labeling the segment a “missed opportunity” for balanced discussion. He argued that the passage misrepresents crypto-speech as a threat to democracy, ignoring the First Amendment’s protections of free speech and property rights found in prohibited cryptocurrencies.
“CBSNews has failed in its role as a defender of First Amendment values by ignoring these basic facts. Instead, it framed American business advocacy for these rights as illegitimate political lobbying, distorting the real issues of the crypto debate,” Boring noted.
He also argued that this section relies heavily on John Reed Stark, a former SEC official whose credibility in the crypto space is limited, thus weakening the opposing view presented. “This sensationalism ignores important facts: crypto transactions are entered into an immutable public ledger—the blockchain. […] A real expert in crypto crime would have provided an unbiased, fact-based perspective. Instead, 60 Minutes chose to amplify an inappropriate voice, undermining its credibility. […] It’s baffling that 60 Minutes failed to refute a statement that was so easily refuted”
Boring also criticized the SEC’s position statement, highlighting the regulatory agency’s failures, such as the fall in oversight of the FTX exchange. He pointed out that blaming FTX’s decline on crypto itself ignores the lack of a clear regulatory framework in the United States, which he believes created the conditions for FTX’s growth and eventual collapse. “If the US had established a clear, consistent regulatory framework, domestic exchanges could lead, operating under US supervision to protect investors and prevent fraud,” he noted.
At press time, XRP traded at $2.37.
Featured image from X @60Minutes, chart from TradingView.com
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