Ripple has spent $200 million defending the lawsuit brought against it by the US Securities Exchange Commission (SEC), according to CEO Brad Garlinghouse.
Garlinghouse released this figure during a heated discussion during the Dubai Fintech Summit on May 8. He said that the United States is sticking to the regulatory progress of the UAE Virtual Assets Regulator and the Crypto Asset Market Bill (MICA) recently in the European Union.
He went on to say that by the time the case is decided, Ripple will have to spend $200 to defend against the lawsuit which, from the beginning, is baseless. In a message to SEC Chairman Gary Gensler, Garlinghouse expressed regret that the United States has failed so much as Ripple has spread to the United Arab Emirates.
According to him, the most difficult part in this situation is to have a country that brought politics before politics. Garlinghouse said one of the first pieces of advice he gives to entrepreneurs when asked about starting something is, “If I were you, I wouldn’t start in the United States.” He thinks most US companies and US public companies would agree.
Asked if the United States needs a clear regulatory framework for crypto, Garlinghouse said the SEC needs to understand that the vast majority of people working in crypto and blockchain are good actors who want to stay in the game. Rules of the road if necessary will be explained. Ripple, a cryptocurrency payment platform, was sued by the SEC in December 2020, which alleged that Ripple sold XRP illegally.
XRP ($0.44) tokens as an anonymous security. Ripple has long disputed that claim, arguing that it is not an investment contract under the Howey test. The issue has been going on for two and a half years and has caused a stir in the US market. A decision from the judge is expected sometime in the next three to six months, according to Garlinghouse.
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