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Ripple has secured final approval from the New York Department of Financial Services for its RLUSD stablecoin, which will be backed by US dollar deposits, short-term US government treasuries, and other cash equivalents. CEO Brad Garlinghouse announced that RLUSD aims to penetrate the US market and compete with Circle's USDC, targeting large institutional players. This launch coincides with a significant rally in Ripple's XRP token, which has surged 400% since the US elections.
Ripple CEO Brad Garlinghouse criticized 60 Minutes for omitting key details about Ripple's legal victory over the SEC, which affirmed XRP's non-security status. Amid speculation of pro-crypto leadership under Trump, XRP's value surged, reclaiming its position as the third-largest cryptocurrency. Garlinghouse challenged misleading claims made during the segment and expressed optimism for a favorable regulatory environment following potential changes in the SEC's leadership.
Cryptocurrencies faced a downturn today, with Bitcoin retreating to around $97,500, impacting XRP, Dogecoin, and Shiba Inu, which fell 6.6%, 5.4%, and 5.2%, respectively. Despite positive news, including MicroStrategy's significant Bitcoin purchases, investor caution and specific developments, such as Ripple CEO Brad Garlinghouse's disappointment over a recent interview, contributed to the sell-off. The overall crypto bull market remains intact, but volatility persists, particularly for meme tokens.
Ripple CEO Brad Garlinghouse criticized a recent 60 Minutes segment for omitting key details about the SEC's lawsuit against Ripple, particularly a federal judge's ruling that XRP is not a security in programmatic sales. The segment featured counterarguments from former SEC official John Reed Stark, who maintained that XRP could still be classified as a security. Garlinghouse expressed concern that the SEC's approach to digital assets under Chair Gary Gensler has hindered initiatives like the political action committee Fairshake, which supports pro-crypto candidates.
Ripple CEO Brad Garlinghouse made headlines with his appearance on "60 Minutes," where he defended XRP and criticized regulatory stances, particularly from former SEC official John Reed Stark, who labeled cryptocurrency as speculative and a security. Garlinghouse highlighted a recent ruling that stated XRP's sales to retail investors do not constitute securities transactions, contrasting Stark's views. The segment sparked a heated debate on social media, reflecting the ongoing divide in perspectives on cryptocurrency's role and regulation.
John Reed Stark, the former head of the SEC's Office of Internet Enforcement, has called for the agency to cease all anti-crypto actions following Donald Trump's election victory, arguing it reflects public demand for a more crypto-friendly regulatory environment. This marks a significant shift from his previous stance, where he supported the SEC's crackdown on the industry. Stark predicts that most ongoing cases will diminish, except for those involving severe fraud, and anticipates an end to the SEC's aggressive enforcement under the new political landscape.
Ripple CEO Brad Garlinghouse criticized CBS News' 60 Minutes for omitting a key legal victory in which a federal judge ruled XRP is not a security when traded on public exchanges. He argued that this exclusion misrepresents XRP's regulatory status and highlighted Ripple's compliance and success in facilitating billions in cross-border transactions. Garlinghouse also noted the growing political influence of the crypto industry, particularly following significant contributions to pro-crypto candidates during the recent US elections.
Ripple CEO Brad Garlinghouse made history as the first crypto executive on 60 Minutes, discussing the industry's impact on U.S. elections and Ripple's legal battle with the SEC. He highlighted over $140 million in donations to pro-crypto PACs, resulting in an 85% win rate for supported candidates, and criticized the SEC's "regulation by enforcement" approach. Following a favorable court ruling on XRP, the token surged to a multi-year high of $2.90, reflecting renewed investor confidence in Ripple's future.
Ripple CEO Brad Garlinghouse criticized the SEC during a '60 Minutes' interview, advocating for clearer regulations tailored to digital assets rather than outdated securities laws. He revealed Ripple's $150 million legal battle against the SEC's classification of XRP as a security and highlighted the bipartisan FIT21 bill, which shifts crypto oversight from the SEC to the CFTC, aligning with Trump's pro-crypto agenda. Following his remarks, XRP's price surged to nearly $2.60 before settling at $2.42, reflecting a 5.4% decline in 24 hours.
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