Ripple CEO Brad Garlinghouse has revealed that it cost his company $200 million to defend against SEC in its $XRP lawsuit. crypto cryptocurrency
Ripple CEO Says Company Spends $200 Million Fighting SEC Lawsuit Over XRP, Ruling Could Come in 3 Months
During a fireside chat with CNBC at the Dubai Fintech Summit on Monday, Garlinghouse revealed that when the lawsuit is concluded, Ripple would have spent $200 million in total to defend itself against the securities regulator. The executive shared: The securities watchdog sued him, Ripple, and co-founder Chris Larsen in December 2020 alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering. Ripple, Garlinghouse, and Larsen have maintained thatCommenting on U.S. crypto regulations, Garlinghouse stated that as a U.S. citizen and CEO of a company that started in the U.S.: “It’s sad. I have sadness about this.
You have video footage of the chair of the SEC, as a professor at MIT, saying 75% of these digital assets are commodities. And now he says they’re all securities because he’s the head of the SEC and he’s seeking power and he’s putting power ahead of sound policy to grow an economy in the United States.
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