Ripple executives have recently taken center stage in the cryptocurrency community, sparking discussions on regulatory battles, market potential, and investor behavior. CEO Brad Garlinghouse criticized a 60 Minutes segment for omitting critical details about Ripple’s legal battle with the SEC, while CTO David Schwartz’s cryptic ”lock in” message fueled bullish sentiment among XRP enthusiasts.
Brad Garlinghouse Criticizes Omission of Key Facts in 60 Minutes Crypto Election Segment
Ripple Labs CEO Brad Garlinghouse has criticized CBS’ 60 Minutes for allegedly leaving out significant details in its recent segment on cryptocurrency’s influence in the 2024 United States elections. Taking to social media platform X on Dec. 8, Garlinghouse accused the program of providing an incomplete narrative, particularly concerning the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC).
The 60 Minutes report, spearheaded by journalist Margaret Brennan, delved into the role of cryptocurrency in US politics. It highlighted Ripple’s financial support for Fairshake, a political action committee (PAC) advocating for pro-crypto candidates. Ripple’s contributions reportedly amounted to millions of dollars in a bid to influence the elections toward more favorable outcomes for the blockchain and crypto sector.
As part of the segment, Garlinghouse explained the SEC’s allegation against Ripple, which claimed that the company’s sales of XRP constituted the sale of unregistered securities. This legal contention, filed in December 2020, has become a cornerstone in the broader debate over the regulatory classification of digital assets.
“Their allegation was that Ripple and our sales of XRP represented the sale of an unregistered security,” Garlinghouse stated in the interview.
Garlinghouse’s criticism of 60 Minutes stems from what he views as a significant omission. He noted that the program failed to highlight a pivotal July 2024 ruling, where a federal judge declared that XRP was not a security in the context of programmatic sales on digital asset exchanges.
In his X post, Garlinghouse said, “[Former SEC official John Reed Stark] knows better despite his comments that 60 Minutes chose to air.”
The segment featured Stark’s counterarguments, where he claimed that courts had repeatedly deemed cryptocurrencies as securities under existing legal tests. This commentary, Garlinghouse argued, misrepresented the nuances of XRP’s legal status and undermined the weight of the July ruling.
Ripple’s legal challenges with the SEC have been ongoing since December 2020. In August, the company was found liable for a $125 million civil penalty, a decision Ripple has appealed. The case remains unresolved, with the SEC also pursuing a counter-appeal. The regulatory uncertainty surrounding Ripple and XRP continues to be a flashpoint in discussions about the US approach to cryptocurrency oversight.
Garlinghouse expressed frustration with the SEC’s leadership, particularly under Chair Gary Gensler, accusing the commission of stifling innovation in the digital asset space. He stated during the interview that organizations like Fairshake might not have been necessary if the SEC had adopted a more progressive stance on digital assets.
XRP’s Resurgence Post-Ruling
Following the landmark ruling in July, XRP experienced a resurgence, briefly reclaiming its position as the third-largest cryptocurrency by market capitalization. The ruling provided a temporary morale boost for XRP supporters and raised hopes for a more favorable regulatory environment for other digital assets. Some asset managers have even filed applications with the SEC to launch exchange-traded products (ETPs) tied to XRP, signaling renewed interest in the token.
The Ripple case has become emblematic of the broader clash between the crypto industry and US regulators over the classification of digital assets. Critics argue that the SEC’s enforcement-heavy approach lacks clarity and hinders innovation. The question of whether cryptocurrencies should be considered securities has become a sticking point, with the industry calling for clearer legislative guidelines.
Garlinghouse’s comments come at a critical juncture for cryptocurrency in the United States. With the 2024 elections spotlighting the role of digital assets in shaping policy, Ripple’s high-profile case brings attention to the urgent need for regulatory clarity. As the legal battle continues, the stakes remain high not just for Ripple but for the entire cryptocurrency ecosystem.
Ripple CTO Sparks Bullish Sentiment Among XRP Community with ”Lock In” Message
Meanwhile, Ripple’s Chief Technology Officer (CTO), David Schwartz, has ignited a wave of excitement within the XRP community following a cryptic post urging followers to “lock in.” The brief yet impactful message has been interpreted by many as a call to hold onto XRP for the long term, fueling optimism around the cryptocurrency’s future trajectory.
Schwartz’s enigmatic statement, simply saying “Lock in,” was shared on his X account and reposted across the platform. The XRP community, known for its passionate support of Ripple and its digital asset, responded with a flood of bullish sentiments. Many XRP enthusiasts interpreted the phrase as a strong signal to maintain their holdings or even accumulate more XRP, in line with the popular crypto ethos of “hodling.”
Notable community member and XRP advocate @XRPcryptowolf echoed the general sentiment, posting, “David just confirmed to lock in and not sell any XRP.”
While Schwartz’s statement galvanized enthusiasm, he also took the opportunity to warn the XRP community about the persistent threat of cryptocurrency scams. These schemes often involve fraudsters impersonating prominent figures, including Ripple executives like CEO Brad Garlinghouse, and offering unrealistic returns in exchange for small cryptocurrency transfers.
In a humorous yet cautionary post, Schwartz addressed one of the most common scams, writing, “If you send me just 10 XRP, then I will …… have 10 more XRP.”
The lighthearted comment places the spotlight on the seriousness of such fraudulent schemes, which frequently leverage deepfake technology and fake accounts to mislead investors. Ripple’s leadership, including Schwartz and Garlinghouse, has consistently emphasized the importance of vigilance in the face of these scams.
XRP’s Bullish Momentum
Amid the excitement stirred by Schwartz’s post, XRP appears to be showing strong bullish momentum. According to cryptocurrency analyst and trader Ali Martinez, XRP has formed three consecutive bull pennant patterns on its chart—a technical indicator suggesting the continuation of an upward trend.
Martinez has subsequently set ambitious price targets for XRP, predicting that the asset could climb to $4.40 after testing the $2.25 level. As of the latest data from CoinMarketCap, XRP is trading at $2.13, positioning the token well within range of these projections.
The bullish sentiment surrounding XRP is bolstered by its recent resurgence as a top-performing cryptocurrency. The asset has experienced significant growth in both price and adoption, particularly following Ripple’s partial legal victory against the SEC earlier this year, which ruled that programmatic sales of XRP did not constitute the sale of securities.
The XRP community, often referred to as the “XRP Army,” remains steadfast in its belief in the asset’s long-term potential. Schwartz’s “lock in” message has amplified this confidence, with many taking it as a direct endorsement of the asset’s bullish outlook.
Ripple’s ongoing efforts to expand the use of XRP in cross-border payments and financial services, coupled with its fight for regulatory clarity in the US, continue to position XRP as a pivotal player in the cryptocurrency ecosystem.
David Schwartz’s cryptic yet impactful “lock in” message has reignited enthusiasm among XRP supporters, coinciding with technical indicators pointing to potential price gains. As Ripple continues to navigate its legal challenges and expand its global footprint, the cryptocurrency appears poised for a promising future. However, Schwartz’s reminder about the prevalence of scams serves as a critical caution for investors to remain vigilant in the dynamic and often unpredictable world of cryptocurrency.
This article was originally Posted on Coinpaper.com
