Ripple CEO Reveals A Staggering Amount Spent On Legal Battle With SEC
Benzinga – Ripple‘s (CRYPTO: XRP) ongoing legal battle with the United States Securities and Exchange Commission (SEC) has already cost the company a staggering $200 million, according to its CEO Brad Garlinghouse.
Speaking at the Dubai Fintech Summit on May 8, Garlinghouse shared his concerns about the lack of regulatory progress in the U.S. compared to advancements in the United Arab Emirates and the European Union’s recent Markets in Crypto-Assets (MICA) bill, Cointelegraph reported.
Garlinghouse expressed disappointment in the U.S. for falling behind in regulatory clarity as Ripple seeks growth in markets like the United Arab Emirates.
He criticized the U.S. for prioritizing political interests over policymaking.
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In advising entrepreneurs, Garlinghouse often recommends against launching businesses in the U.S., a view he believes is shared by many domestic firms.
He stressed the importance of establishing a well-defined regulatory framework for cryptocurrencies in the U.S., noting that the majority of those working in the cryptocurrency and blockchain industries are willing to abide by the rules if they are clearly outlined.
The SEC filed its lawsuit against Ripple in December 2020, alleging that the company had unlawfully sold XRP tokens as unregistered securities.
Ripple has consistently denied the allegations, asserting that its actions do not meet the definition of an investment contract under the Howey test.
The protracted legal dispute has presented significant challenges for Ripple in the U.S. market over the past two and a half years.
Garlinghouse anticipates a verdict from the presiding judge within the next three to six months.
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