Ripple CEO Brad Garlinghouse Calls Out New York Times Again, Here’s Why

TLDR

• Ripple’s CEO says NYT ignored court rulings against SEC’s past enforcement strategy.

• XRP dropped 4% after NYT’s report questioning SEC’s case withdrawals.

• Judges previously called the SEC’s crypto actions arbitrary and misleading.

• Coinbase and Galaxy Digital also challenged the article’s framing and tone.

Ripple CEO Brad Garlinghouse has sharply criticized The New York Times following the publication of an article about recent changes at the U.S. Securities and Exchange Commission. The article examined dropped cases and suggested that political connections may have played a role.

Brad Garlinghouse and other industry figures have pushed back on that suggestion. They argue the SEC’s reversal is a legal correction, not favoritism.

Judges’ Rulings Central to Dispute

Brad Garlinghouse claims the NYT article omits context from key legal decisions involving the SEC’s past enforcement methods. He cited multiple cases where federal judges found the SEC’s conduct lacking. These include a D.C. Circuit Court ruling that labeled a previous SEC denial of a Bitcoin ETF as “arbitrary and capricious.”

Another case mentioned is the Debt Box matter, where a judge sanctioned the SEC for presenting false and misleading information.

Brad Garlinghouse argues these rulings show the SEC’s earlier enforcement strategy was flawed and unlawful, not rigorous oversight. He also said, “This is not journalism. This is actively advancing a false and failed narrative.”

Crypto Leaders Join the Criticism

Other executives in the crypto space have also criticized the New York Times article. Coinbase Chief Legal Officer Paul Grewal called attention to the article’s tone, which he said implied wrongdoing despite the absence of evidence. He referred to the NYT’s own admission that there was no proof of interference by the president or his team.

Galaxy Digital’s Alex Thorn also questioned the story’s framing. He stated that prior SEC actions were not normal and were heavily criticized by courts and lawmakers alike.

Thorn said the article relied on what he called “crypto dementia,” meaning it assumed readers would not recall or understand the context of the SEC’s past behavior.

SEC Policy Shift Explained by Leadership Change

Thorn further explained that the shift in SEC enforcement aligns with a change in leadership at the commission. During the prior administration, Commissioners Hester Peirce and Mark Uyeda often opposed the SEC’s crypto actions. Now that they represent a majority, many of the earlier cases are being dropped or reconsidered.

This view supports the claim that the change in direction is based on policy, not political favoritism. Thorn noted that the new majority interprets key legal provisions differently, which has resulted in several dropped enforcement actions.

He argued that this change reflects a reassessment of earlier interpretations, not pressure from outside actors.

Context Around SEC Behavior Missing in NYT Report

Garlinghouse and others argue that by ignoring the legal challenges to the SEC’s previous strategies, the NYT created a misleading picture.

They say the article fails to explain why these enforcement changes are happening and instead attributes them to external factors.

The controversy has reignited a broader debate about how media outlets report on regulatory developments in the digital asset sector. Crypto leaders continue to push for what they say is a fair and balanced view of policy shifts that are now shaped by legal and internal regulatory reviews rather than political bias.

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