Is Gary Gensler Responsible for Ripple's $150M SEC Loss?

Brad Garlinghouse Discusses Ripple’s SEC Costs and Gensler’s Role

Ripple’s $150M Battle with the SEC: Brad Garlinghouse Blames Gary Gensler

Ripple CEO Brad Garlinghouse recently revealed the staggering financial toll of the ongoing SEC case, stating the firm has spent over $150M defending itself. Speaking on CBS 60 Minutes, Garlinghouse held SEC Chair Gary Gensler responsible, calling it part of a larger “war on crypto.”

Ripple’s Struggles Spotlighted on 60 Minutes

In the interview, Garlinghouse discussed Ripple’s challenges with the SEC and the broader impact of the regulatory battle on the crypto industry. He reiterated his stance against the SEC’s claims, stating, “Never once had I considered the possibility that XRP is a security.”

The Ripple SEC Case: A Blow to XRP and the Crypto Market

The SEC’s lawsuit, alleging that XRP is an unregistered security, has caused significant market disruptions, including price crashes and investor uncertainty. Garlinghouse emphasized that this isn’t just about Ripple but a targeted crackdown on crypto innovation under Gensler’s leadership.

Garlinghouse revealed that the crypto industry’s struggles under Gensler’s SEC led to the formation of Fairshake, a federal-independent expenditure-only committee. “I’m not sure Fairshake would have existed” without Gensler, he remarked.

Launched in 2023, Fairshake aims to push back against SEC overreach while advocating for clear and fair regulation.

A Call for Regulation, Not Deregulation

Garlinghouse clarified that Ripple and other crypto firms are not seeking deregulation. “We’ve been asking to be regulated. Just give us clear rules of the road,” he stated. He also noted alignment with Trump’s efforts to shift crypto regulation from the SEC to the CFTC.

Disappointment with 60 Minutes: Key XRP Rulings Ignored

Following the interview, Garlinghouse expressed dissatisfaction with its coverage. Key points, such as a Federal Judge’s ruling that XRP is not a security, were omitted. Instead, the segment aired claims from former SEC official John Reed Stark, who argued otherwise.

“Crypto made its debut on @60Minutes tonight,” Garlinghouse posted on X. “A few things I do want to comment on after watching...”

The Ripple SEC Case’s Lingering Impact on XRP

The prolonged case continues to weigh on XRP’s price and investor sentiment. Despite the hype around the interview, it failed to meet expectations. With growing calls for Gary Gensler’s resignation, the crypto community is hopeful for a new era of regulatory clarity and growth.