We recap the biggest takeaways from the highly anticipated 60 Minutes interview with Ripple CEO Brad Garlinghouse.
60 Minutes aired a highly anticipated segment featuring Ripple CEO Brad Garlinghouse and former SEC official John Reed Stark on December 8, 2024. As one of the most popular prime-time programs in the U.S., the segment became an opportunity to reach a broader audience following crypto’s impact on the 2024 election.
This article recaps the three biggest takeaways from the interview and what’s next for the crypto industry.
Watch the 60 Minutes Segment
The full 60 Minutes segment and an extra segment are available on YouTube for anyone to watch without a subscription or access to CBS streaming.
Watch the full segment here:
Fairshake Frames the Discussion
The 60 Minutes segment framed the discussion around the crypto industry’s impact on the 2024 election. Fairshake, a super PAC supporting crypto candidates, spent over $130 million on the 2024 election, representing one in three dollars in direct contributions. These dollars had an enormous impact on the results.
In addition to the top of the ticket, the super PAC’s spending helped elect at least six new pro-crypto senators and more than a dozen crypto-friendly House members. 60 Minutes highlighted the impact on GOP victories (namely Trump), but Garlinghouse reiterated that these included many progressive Democrats, as well.
Moreover, while the industry was implied to have “bought” the election to some extent, 60 Minutes acknowledged throughout the segment that the election results represented the will of the voters. The remainder of the segment focused on how these changes could impact the future of crypto legislation and what that means for the public.
A Disagreement on Regulation
Most of the 60 Minutes interviews focused on a disagreement about how the industry should be regulated after years of SEC Chairman Gary Gensler’s regulation-by-enforcement approach. Garlinghouse made it clear that Fairshake would probably not exist had the SEC taken a less aggressive approach.
Garlinghouse argued that the crypto industry doesn’t want deregulation per se; instead, it was more straightforward regulations. He also pointed to bipartisan support in the House for the FIT21, which would have introduced crypto-specific regulations and assigned the CFTC more rulemaking powers than the SEC.
On the other hand, Stark argued that it’s not surprising politicians support the crypto industry because there’s no financial incentive to do otherwise. Moreover, he argued that the crypto industry’s desire to be regulated by the CFTC makes sense because the agency has far fewer teeth than the SEC and would inherently be lighter on regulations.
Cryptocurrency Fraud vs. Utility
Stark argued that the crypto industry’s lack of oversight makes it a breeding ground for crime. In addition to less transparency and investor protections than stocks and other financial assets, the industry has systemic risks and externalities that nobody discusses, such as its impact on financing a wide range of crimes.
After the 60 Minutes anchor mentioned FTX, Garlinghouse aptly observed that saying FTX is representative of crypto is like saying Madoff is representative of all hedge funds. He also noted that many established players are skeptical of new technologies when they first emerge, but that doesn’t mean the scrutiny is justified.
Stark went even further, arguing that cryptocurrencies offer no utility and that their primary purpose is speculation. In addition to debunking the utility argument, Garlinghouse claimed that if speculation should be illegal, the entire gambling industry shouldn’t exist since that’s speculation in its purest form.
A Key Omission: Ripple’s Victory
The most conspicuous omission from the 60 Minutes interview was Ripple’s victory over the SEC. Earlier this year, a federal judge ruled that XRP, Ripple’s cryptocurrency, is not inherently a security. The ruling was widely hailed as a victory for cryptocurrencies in their fight against the SEC’s classification of nearly all cryptocurrencies as securities.
Instead, 60 Minutes painted the classification of cryptocurrencies as securities as a difference of opinion. Stark asserted that judges repeatedly deemed cryptocurrencies securities, implying that the designation included XRP. These assertions were given more airtime and didn’t include the clarification that Ripple won a lawsuit.
Garlinghouse discussed this in a post on X, critiquing 60 Minutes for airing these claims without proper fact-checking. However, he also acknowledged Stark’s call for the SEC to withdraw its ongoing appeal against Ripple, which remains in the U.S. Court of Appeals for the Second Circuit with an opening brief scheduled for mid-January 2025.
What’s Next for Crypto?
The crypto industry has come a long way, from an obscure research paper to powering history’s fastest-growing exchange-traded fund (ETF). While Fairshake’s spending has certainly moved the needle, most of the organization’s ads didn’t focus specifically on crypto, meaning voters may not fully understand the industry’s challenges and goals.
The 60 Minutes interview was an opportunity to educate the public, and Garlinghouse’s intelligent demeanor marked an excellent start. While the interview had at least one major omission and wasn’t entirely supportive of crypto, it was a mostly balanced mainstream introduction to the nascent asset class following its impact on the election.
With the incoming Trump administration poised to allow crypto to grow faster, thanks to Fairshake’s success in installing crypto-friendly legislators, these educational segments could become increasingly important to solidify crypto’s role in the economy.
The industry will likely see more growth with less scrutiny from the SEC as Chairman Gary Gensler exits to make way for Paul Atkins, a much more crypto-friendly voice in the historically anti-crypto agency. If longshot promises, like a national Bitcoin reserve, come true, the industry could further enter mainstream finance.
The Bottom Line
The 60 Minutes segment was the first mainstream broadcast following crypto’s impact on the election and offered a fairly balanced take on the subject. While the framing was somewhat hostile to the crypto industry, Garlinghouse’s professional demeanor and Stark’s acknowledgments about voter desires painted an overall pro-crypto picture.
That said, the segment underscores the importance of compliance even with a more lenient new administration on the way. While the SEC may pursue fewer cases, the IRS shows no signs of slowing down its more aggressive enforcement of crypto tax laws, including its crackdown on crypto investors who haven’t reported their capital gains.
If you trade crypto assets, ZenLedger can help you stay organized for tax time. Our platform aggregates transactions across wallets and exchanges, computes capital gains or losses, and generates the paperwork you need to file. You can even use our tax-loss harvesting tool to find opportunities to save throughout the year.
This material has been prepared for informational purposes only and should not be interpreted as professional advice. Please seek independent legal, financial, tax, or other advice specific to your particular situation.
Takeaways from the Ripple 60 Minutes Interview
60 Minutes aired a highly anticipated segment featuring Ripple CEO Brad Garlinghouse and former SEC official John Reed Stark on December 8, 2024. As one of the most popular prime-time programs in the U.S., the segment became an opportunity to reach a broader audience following crypto’s impact on the 2024 election.
This article recaps the three biggest takeaways from the interview and what’s next for the crypto industry.
Watch the 60 Minutes Segment
The full 60 Minutes segment and an extra segment are available on YouTube for anyone to watch without a subscription or access to CBS streaming.
Watch the full segment here:
Fairshake Frames the Discussion
The 60 Minutes segment framed the discussion around the crypto industry’s impact on the 2024 election. Fairshake, a super PAC supporting crypto candidates, spent over $130 million on the 2024 election, representing one in three dollars in direct contributions. These dollars had an enormous impact on the results.
In addition to the top of the ticket, the super PAC’s spending helped elect at least six new pro-crypto senators and more than a dozen crypto-friendly House members. 60 Minutes highlighted the impact on GOP victories (namely Trump), but Garlinghouse reiterated that these included many progressive Democrats, as well.
Moreover, while the industry was implied to have “bought” the election to some extent, 60 Minutes acknowledged throughout the segment that the election results represented the will of the voters. The remainder of the segment focused on how these changes could impact the future of crypto legislation and what that means for the public.
A Disagreement on Regulation
Most of the 60 Minutes interviews focused on a disagreement about how the industry should be regulated after years of SEC Chairman Gary Gensler’s regulation-by-enforcement approach. Garlinghouse made it clear that Fairshake would probably not exist had the SEC taken a less aggressive approach.
Garlinghouse argued that the crypto industry doesn’t want deregulation per se; instead, it was more straightforward regulations. He also pointed to bipartisan support in the House for the FIT21, which would have introduced crypto-specific regulations and assigned the CFTC more rulemaking powers than the SEC.
On the other hand, Stark argued that it’s not surprising politicians support the crypto industry because there’s no financial incentive to do otherwise. Moreover, he argued that the crypto industry’s desire to be regulated by the CFTC makes sense because the agency has far fewer teeth than the SEC and would inherently be lighter on regulations.
Cryptocurrency Fraud vs. Utility
Stark argued that the crypto industry’s lack of oversight makes it a breeding ground for crime. In addition to less transparency and investor protections than stocks and other financial assets, the industry has systemic risks and externalities that nobody discusses, such as its impact on financing a wide range of crimes.
After the 60 Minutes anchor mentioned FTX, Garlinghouse aptly observed that saying FTX is representative of crypto is like saying Madoff is representative of all hedge funds. He also noted that many established players are skeptical of new technologies when they first emerge, but that doesn’t mean the scrutiny is justified.
Stark went even further, arguing that cryptocurrencies offer no utility and that their primary purpose is speculation. In addition to debunking the utility argument, Garlinghouse claimed that if speculation should be illegal, the entire gambling industry shouldn’t exist since that’s speculation in its purest form.
A Key Omission: Ripple’s Victory
The most conspicuous omission from the 60 Minutes interview was Ripple’s victory over the SEC. Earlier this year, a federal judge ruled that XRP, Ripple’s cryptocurrency, is not inherently a security. The ruling was widely hailed as a victory for cryptocurrencies in their fight against the SEC’s classification of nearly all cryptocurrencies as securities.
Instead, 60 Minutes painted the classification of cryptocurrencies as securities as a difference of opinion. Stark asserted that judges repeatedly deemed cryptocurrencies securities, implying that the designation included XRP. These assertions were given more airtime and didn’t include the clarification that Ripple won a lawsuit.
Garlinghouse discussed this in a post on X, critiquing 60 Minutes for airing these claims without proper fact-checking. However, he also acknowledged Stark’s call for the SEC to withdraw its ongoing appeal against Ripple, which remains in the U.S. Court of Appeals for the Second Circuit with an opening brief scheduled for mid-January 2025.
What’s Next for Crypto?
The crypto industry has come a long way, from an obscure research paper to powering history’s fastest-growing exchange-traded fund (ETF). While Fairshake’s spending has certainly moved the needle, most of the organization’s ads didn’t focus specifically on crypto, meaning voters may not fully understand the industry’s challenges and goals.
The 60 Minutes interview was an opportunity to educate the public, and Garlinghouse’s intelligent demeanor marked an excellent start. While the interview had at least one major omission and wasn’t entirely supportive of crypto, it was a mostly balanced mainstream introduction to the nascent asset class following its impact on the election.
With the incoming Trump administration poised to allow crypto to grow faster, thanks to Fairshake’s success in installing crypto-friendly legislators, these educational segments could become increasingly important to solidify crypto’s role in the economy.
The industry will likely see more growth with less scrutiny from the SEC as Chairman Gary Gensler exits to make way for Paul Atkins, a much more crypto-friendly voice in the historically anti-crypto agency. If longshot promises, like a national Bitcoin reserve, come true, the industry could further enter mainstream finance.
The Bottom Line
The 60 Minutes segment was the first mainstream broadcast following crypto’s impact on the election and offered a fairly balanced take on the subject. While the framing was somewhat hostile to the crypto industry, Garlinghouse’s professional demeanor and Stark’s acknowledgments about voter desires painted an overall pro-crypto picture.
That said, the segment underscores the importance of compliance even with a more lenient new administration on the way. While the SEC may pursue fewer cases, the IRS shows no signs of slowing down its more aggressive enforcement of crypto tax laws, including its crackdown on crypto investors who haven’t reported their capital gains.
If you trade crypto assets, ZenLedger can help you stay organized for tax time. Our platform aggregates transactions across wallets and exchanges, computes capital gains or losses, and generates the paperwork you need to file. You can even use our tax-loss harvesting tool to find opportunities to save throughout the year.
Get started today for free!
This material has been prepared for informational purposes only and should not be interpreted as professional advice. Please seek independent legal, financial, tax, or other advice specific to your particular situation.
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