During his much-anticipated appearance on the "60 Minutes" program, Ripple CEO Brad Garlinghouse stated that the cryptocurrency industry was not seeking to get deregulated.
"We haven't been asking to be deregulated. We've been asking to be regulated," Garlinghouse told host Margaret Brennan.
According to the Ripple boss, the cryptocurrency industry was simply asking for "clear rules of the road."
Garlinghouse recalled the FIT 21 bill, which aims to create a new regulatory framework for digital assets. The legislation was passed by the U.S. House of Representatives back in May.
The "60 Minutes" episode also featured former SEC official John Reed Stark. During the interview, the famous critic of the industry described crypto as a "scourge."
"Crypto is a scourge. It's not something that you want in your society. It's just pure speculation. There's no balance sheet to crypto. There's no financial statements," Stark said.
The ex-SEC official also said that cryptocurrencies were securities. "I've read every case. I've read every motion. And judges have said over and over again that they are securities," he said.
In turn, the Ripple CEO reiterated that existing securities laws are not suitable for the novel technology.
While commenting on his interview, Garlinghouse claimed that "60 Minutes" "shockingly left out" the part about XRP not being a security. The Ripple head also slammed Stark as a Genser "shill" in response to Stark's anti-crypto comments.
The price of the XRP token is down nearly 3% over the past 24 hours. Earlier this month, it reached a multi-year peak of $2.82.
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