Ripple CEO Hit Out At CoinDesk for Misinformation About XRP

Brad Garlinghouse, CEO of Ripple, criticized CoinDesk, a popular crypto news outlet, for inaccurately reporting a recent court decision regarding XRP. The California District Judge, Phyllis J. Hamilton, recently issued a decision dismissing all securities law violation claims against Ripple but scheduled a jury trial for a state law claim regarding a 2017 statement made by Garlinghouse.

Garlinghouse Response

Despite this, some media outlets misinterpreted the decision, suggesting that the California court ruling could change XRP’s non-security status as determined by New York federal Judge Analisa Torres. Garlinghouse clarified that XRP is not a security and emphasized that only XRP and Bitcoin have regulatory clarity in the U.S., classifying them as non-securities.

@CoinDesk – this is embarrassing. The CA Judge did NOT call XRP a security. In fact only XRP and BTC have clarity in the US.

You’ve already had to delete a misleading tweet (after correcting a misleading headline) on this topic once.

The industry needs CoinDesk to be better.
— Brad Garlinghouse (@bgarlinghouse) June 28, 2024

In response to a recent CoinDesk report claiming that Judge Hamilton hinted that XRP could be a security, the Ripple CEO faulted this claim and criticized the media outlet for inaccurate reporting. Garlinghouse stated that the California Judge did not call XRP a security and pointed out a pattern of inaccurate reporting by CoinDesk, including the deletion of a misleading tweet and correction of a headline.

Attorney Bill Morgan Reaction to the Critic

Additionally, Attorney Bill Morgan criticized CoinDesk for spreading misleading information about XRP’s legal status, emphasizing that Judge Hamilton did not rule that XRP is or could be a security and that the judge did not determine at summary judgment whether Ripple’s programmatic sales in the secondary market constitute investment contracts.

It really is rubbish. @CoinDesk is a joke. Judge Torres clearly found XRP itself is not a security.

Judge Hamilton in California did not find XRP is or could be a security. She simply did not find on a summary judgement basis that Ripple programmatic sales of XRP in the… https://t.co/k6cTDPXsmm pic.twitter.com/5rJCf2WxCJ
— bill morgan (@Belisarius2020) June 28, 2024

On the contrary, Attorney Morgan stated that Judge Torres held that XRP is not a security and found Ripple’s programmatic sales of the coin to be non-investment contracts. He also asserted that XRP currently has more legal clarity than Bitcoin. Furthermore, the Community Notes feature on X has debunked the claims from CoinDesk, citing remarks from Ripple CLO Stuart Alderoty.

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Kayode Oke Michael

Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.

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