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The program in question is 60 minutes, which has been on the air for 56 years.
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A Ripple engineer pointed out three errors in the interview about XRP.
Yesterday, the CBS network through its 60 Minutes program launched a misleading report on cryptocurrencies that includes an interview with Brad Garlinghouse, CEO of Ripple Labs. This report focused on revealing how and which companies contributed financing to the political campaign. of Donald Trump, among other topics. According to Garlinghouse and a Ripple engineer, this 60minutes report contains serious errors and omissions about XRP and cryptocurrencies.
He CBS reportwhich lasts about 13 minutes in total, revives with details a debate that was believed to be from the past, about whether the XRP Cryptocurrency it’s a security (which translates as security), that is, a type of financial instrumentwhich includes shares and whose purpose is to be traded.
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Brad Garlinghouse is chief director of Ripple. Fountain: YouTube
Garlinghouse spoke with 60 Minutes host Margaret Brennan: “In discussing the SEC’s misguided lawsuit against Ripple, 60 Minutes surprisingly omitted that a federal judge ruled that XRP is not a security… Gensler’s Frontman (John Reed Stark) ) knows more despite his comments than 60 Minutes decided to broadcast,” commented the CEO of Ripple, referring to the former head of the Internet Compliance Office of the Securities and Exchange Commission (SEC).
Stark explains on 60 Minutes: “I read every case, I read every motion… and the judges have said over and over again that these are Bitcoin-sec/” target=”_blank” rel=”noreferrer noopener”>securities”. The former boss also shared more general thoughts about the industry in the interview: “crypto is a scourge. It is not something you want in your society, it has no use, it is pure speculation, there are no balance sheets in cryptocurrencies, there are no financial statements (…). There are also no audits, inspections, examinations, or net capital requirements. (…), all of this creates systemic risk, and not just risk for investors.”
John Reed Stark considers himself a critic of cryptocurrencies. Fountain: YouTube
The Ripple CEO also refuted what he considers inaccuracies and unjustified accusations in the report. He said that cryptocurrencies being useless is the same as what early critics of the Internet said, who reduced the global public network to a platform for illicit activities. He also claimed that 60minutes omitted “that Ripple is conducting billions of dollars in KYC (know your customer) transactions for institutional clients, leveraging XRP to move money across borders more efficiently than traditional payment channels.”
Precisely, Ripple, Garlinghouse’s company, offers services focused on sending global paymentsespecially for institutions, with the mission of ending the existing fragmentation between payment systems of this scale. To do this, they created RippleNet, a payment network based on the Blockchain model as an accounting record. The purpose of RippleNet is to allow institutions to send money globally.
The discussion between the guests continued on social networks
Garlinghouse and John Reed Stark, both interviewed by the CBS program, they continued the discussion in the field of the social network and he wished both XRP followers and Garlinhouse himself the best for the new perspectives that are opening up in the United States for cryptocurrencies.
I have often found that many digital asset enthusiasts are well-intentioned and, like @scaramucci, sincerely believe that the era of cryptocurrencies will usher in a bright future for all of us. I just totally disagree with that idea.
John Reed Stark, former head of the SEC’s Office of Internet Regulatory Enforcement.
In it same postStark commented that under the new leadership of Paul Atkins at the Securities and Exchange Commission (SEC), he will be willing to reverse many of the legal initiatives against cryptocurrencies that occurred during Gensler’s presidency if it means respecting the decision. and people’s desires.
Paul S. Atkins has been nominated for SEC chairman. Fountain: FEDSOC
In response to Stark, Ripple’s chief executive commented that “the real ‘scourge of society’ is not cryptocurrencies, but seeing the SEC, created to protect investors, do the exact opposite under the guise of public service.” , settling the debate.
A Ripple engineer He also took it upon himself to clear up some of the inaccuracies he got in the CBS interview. For example, that XRP “is” Ripple’s cryptocurrency. Although Ripple is the private company that created this cryptocurrency in 2013, The network and its accounting works as free and distributed software: XRP Ledger. “XRP is not Ripple’s cryptocurrency. Ripple is an influential member of the XRP community, but the XRP Ledger is public and decentralized,” commented the engineer whose name is Neil Hartner.
He also refuted Stark’s ruling that the cryptocurrencies They have no use. For Hartnet, Ripple’s global payments system, adopted by many institutions worldwide, is proof of the opposite.
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