In the words of Brad Garlinghouse, “With the SEC, we will have spent $200 million defending ourselves against a lawsuit, which from its very beginning, people were like, well, this doesn’t make a lot of sense.”
Ripple (XRP) CEO Brad Garlinghouse estimated that the firm will have spent $200M in its ongoing lawsuit against the SEC by the time the court decides on a verdict.
In a recent discussion at the Dubai Fintech Week, Garlinghouse compared the US and UAE’s crypto policies. He expressed his disappointment with crypto regulation in the US, adding the nation’s regulators are more concerned with politics than policy.
Garlinghouse also announced Ripple's plans to expand in Dubai. Calling Dubai a "key global financial hub," he said Ripple will establish a new office in the Dubai International Financial Centre (DIFC).
Furthermore, the CEO of Ripple accused SEC Chair Gary Gensler of making contradictory statements about the legal classification of Ripple and other crypto tokens. He added,
“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…”
In December 2020, the SEC sued Ripple for selling $1.3B worth of XRP tokens in unregistered securities offerings. The legal brawl between Ripple and the regulatory agency has yet to be resolved, with the community expecting the court to decide on the outcome before 2024.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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