Ripple CEO Reveals How Gensler Influenced the Creation of the Fairshake PAC

• Creation of the Fairshake PAC in response to the SEC
• Paul Atkins nominated to lead SEC in 2025
• XRP Hits $2,90 After Partial Legal Victory

In an interview with CBS's “60 Minutes,” Ripple CEO Brad Garlinghouse discussed the creation of the Great political action committee (PAC) Fairshake, attributing its formation to the US Securities and Exchange Commission’s (SEC) aggressive stance on cryptocurrencies. Garlinghouse noted that companies in the sector have come together in response to what he called the “war on crypto.” He said, “I’m not sure Fairshake would exist” if it weren’t for the SEC’s approach.

Brad Garlinghouse 60 minute interview.

Full video pic.twitter.com/5qW2MNilHw

—Mr. Man (@MrManXRP) December 9, 2024

Fairshake raised more than $200 million during the election cycle, receiving contributions from cryptocurrency companies and investment firms including Coinbase and a16z. The super PAC supports candidates seeking to make the U.S. a home for innovators, contributing to several elections, including the Ohio Senate race, where it donated $12 million to pro-crypto Republican candidate Bernie Moreno, who defeated industry-critic Democratic Sen. Sherrod Brown.

Garlinghouse has recently criticized the SEC’s leadership under Gary Gensler, who has announced his departure in January 2025. During his tenure, Gensler has maintained that most cryptocurrencies qualify as securities, urging companies in the sector to register with the SEC. However, industry figures argue that registering is not feasible due to regulations geared toward traditional entities, unlike the digital asset space.

Ripple has been locked in a legal battle with the SEC since 2020, when it was accused of raising $1,3 billion through the sale of XRP, which the agency considers an unregistered security. Amid the disputes, President-elect Donald Trump appointed crypto-friendly Paul Atkins to lead the SEC in 2025, raising expectations for a more friendly approach to the sector.

In his latest statement before the Financial Stability Oversight Council, Gensler warned that failing to comply with SEC rules could harm investors, undermining confidence in the financial system. On the other hand, John Reed Stark, the SEC’s former chief enforcement officer, suggested that the agency should reconsider its stance on cryptocurrencies, stating that “the clear mandate is that the SEC needs to ease the pressure on cryptocurrencies.”

Garlinghouse’s interview on “60 Minutes” marks the first appearance by a cryptocurrency executive on the show, highlighting the industry’s growing influence in the U.S. election and Ripple’s partial victory against the SEC. Following the interview and legal victory, XRP hit a high of $2,90, reflecting investor confidence in Ripple’s future.

However, Garlinghouse expressed dissatisfaction with the editing of the interview, claiming that crucial details such as the court ruling in favor of Ripple were omitted. He criticized the omission of information about the usefulness of cryptocurrencies, comparing it to early skepticism about the internet, and pointed out that institutions such as JPMorgan already use blockchain, emphasizing that Ripple has revolutionized cross-border payments, making them faster and more cost-effective.

At the time of publication, the price of XRP was quoted at $2,40 with a drop of 7.8% in the last 24 hours.

Garlinghouse’s appearance on “60 Minutes” and recent legal developments have boosted XRP’s market performance, which reached $2,90, a significant recovery after years of stagnation below $1. While the token has stabilized at $2,35, the momentum reflects investors’ growing confidence in Ripple’s prospects, especially as it seeks regulatory clarity and mainstream adoption.