Ripple CEO Slams SEC, Reveals $150M Legal Bill

Ripple CEO Brad Garlinghouse made waves during a 60 Minutes interview on December 8, 2024, where he discussed Ripple’s prolonged legal battle with the U.S. Securities and Exchange Commission (SEC) and the broader regulatory landscape for crypto.

Garlinghouse accused the SEC, under Chair Gary Gensler, of waging a “war on crypto.” He explained this was a key factor behind Ripple’s involvement in forming FairShake, a political super PAC pushing for pro-crypto reforms.

“FairShake might not have existed if we had different leadership at the SEC,” Garlinghouse said.

Ripple’s $150M Legal Fight

The Ripple CEO revealed the staggering financial toll of the company’s legal defense, disclosing that Ripple has spent over $150 million fighting the SEC’s classification of XRP as a security.

In response to an SEC spokesperson claiming crypto’s legal spending pales compared to investor losses from fraud, Garlinghouse pushed back:

“We’re not asking to be deregulated. We’re asking for clear rules from Congress that reflect the unique nature of digital assets.”

Garlinghouse argued XRP is not a stock and shouldn’t be subject to the same registration requirements. He emphasized Ripple’s commitment to working within a regulatory framework—provided the rules are clear.

XRP Price Reacts to Optimism

Following Garlinghouse’s interview, XRP, Ripple’s native cryptocurrency, experienced a price surge. It climbed 4.5% to $2.55 and is approaching the $2.60 mark as investor sentiment remains bullish.

Several factors are fueling optimism:

• Ripple’s growing legal clarity amid its ongoing fight with the SEC.
• Speculation around a potential meeting between Garlinghouse and President-elect Donald Trump.
• Anticipation of Gary Gensler’s resignation, signaling a potential shift to a more crypto-friendly regulatory environment.

A Call for Clear Regulations

Garlinghouse’s remarks underscored the need for Congress to step in with modern crypto regulations that address the industry’s nuances.

“We haven’t been asking to be deregulated. We’ve been saying, ‘Hey, look, just give us clear rules of the road,’” Garlinghouse said.

With XRP continuing to gain attention for Ripple’s blockchain-based payment solutions, Garlinghouse’s stance resonates with broader calls for regulatory clarity amid the crypto industry’s growth.

Ripple’s $150 million legal fight and Garlinghouse’s criticisms highlight the growing tension between crypto companies and regulators. As XRP’s price trends upward, Ripple’s push for clear rules and pro-crypto policies under a Trump presidency remains a focal point for investors and industry watchers.