Ripple CEO Brad Garlinghouse Addresses Regulatory Clashes on 60 Minutes

- Ripple CEO Garlinghouse Discusses Legal Conflict with SEC Publicly - Establishment of a Super PAC with $30 Million Annual Support for Political Response [Unblock Media] Brad Garlinghouse, CEO of Ripple Labs, highlighted the conflicts between the cryptocurrency industry and regulatory bodies during an appearance on CBS's news program '60 Minutes.' In the preview, Garlinghouse stated, "If not for SEC Chairman Gary Gensler, the largest Super PAC in the cryptocurrency industry would not have existed." The Super PAC 'Fairshake,' organized to respond to the stringent regulations imposed by SEC Chairman Gary Gensler, has provided significant financial support to pro-cryptocurrency politicians to facilitate policy changes. According to Bloomberg, Fairshake supported pro-crypto politicians with approximately $30 million as of 2022, playing a crucial role in the passage of favorable legislation and policy changes for the cryptocurrency industry. Chairman Gensler is scheduled to step down on January 20, 2025, following Trump's inauguration. During his tenure, he led over 120 lawsuits, symbolizing stringent regulation of the cryptocurrency industry, prompting companies like Ripple and others to support political funding. Garlinghouse remarked, "The SEC's stance has led Ripple and other crypto companies to organize a political action committee like Fairshake." Ripple has denied allegations of unregistered securities sales in a lawsuit filed by the SEC in December 2020 and has invested over $150 million in legal costs. These lawsuits have had a significant impact on the entire cryptocurrency industry. CNBC detailed the implications of the lawsuits involving Coinbase and Ripple, reporting that they have increased regulatory uncertainty within the cryptocurrency market. Key figures in the crypto industry have echoed Garlinghouse's statements. Michael Saylor, a prominent Bitcoin advocate, emphasized the ongoing need for political action to ensure the survival and growth of cryptocurrencies via Twitter. This '60 Minutes' episode, addressing legal issues related to cryptocurrencies, is scheduled to air on CBS at 7 PM New York time on the 8th, and at 9 AM Seoul time on the 9th.