Ripple CEO: $200M Spent in Legal Battle Against the SEC

Ripple spent $200 million on SEC lawsuit and CEO advises entrepreneurs to avoid starting businesses in the United States.

Brad Garlinghouse is looking out from one eye of the robot with a human mouth open, inside the other eye, the hand is holding a 100 dollar bills.
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  • Ripple’s CEO has made a shocking revelation about the company’s legal expenses.
  • Brad Garlinghouse expresses his disappointment with the state of U.S. crypto regulation.
  • The CEO highlighted the progress made by the UAE and the EU in regulating virtual assets.

During a fireside chat at the Dubai Fintech Summit, Ripple CEO Brad Garlinghouse revealed that the company had spent a whopping $200 million in its legal battle against the United States Securities Exchange Commission (SEC). 

He expressed his disappointment with the current state of U.S. crypto regulation, claiming that the country is far behind compared to other regions such as the United Arab Emirates and the European Union. Garlinghouse pointed out the recent progress made by the UAE virtual asset regulatory authority and the Markets in Crypto-Assets (MiCA) bill in the EU.

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Despite the huge expense, Garlinghouse reiterated that Ripple will continue to defend itself against the SEC lawsuit, which he believes doesn’t make sense from the outset. He also expressed his frustration with the political nature of the U.S. regulatory landscape, stating that the country has put politics ahead of policy. 

Ripple CEO’s Message to Gary Gensler

Garlinghouse advised entrepreneurs against starting their businesses in the U.S., given the challenging regulatory environment. He believes that many U.S.-based and U.S. public companies would concur with this advice.

Garlinghouse’s message to SEC chair Gary Gensler was one of regret, as Ripple expands to the United Arab Emirates. The CEO stressed the importance of fair and consistent regulatory policies for the cryptocurrency industry to flourish. 

Ripple’s experience with the SEC highlights the need for more precise guidelines and a more comprehensive understanding of the crypto landscape to avoid similar legal battles in the future.

On the Flipside

  • Garlinghouse advises entrepreneurs to avoid starting their businesses in the U.S. because the challenging regulatory environment may be short-sighted, as the U.S. market remains a significant player in the global economy.
  • While Garlinghouse lauds the regulatory progress made in the UAE and EU, it’s important to note that each region has its own unique challenges and opportunities for cryptocurrency companies.
  • Ripple’s legal battle with the SEC has spotlighted the need for clearer regulations and guidance for the cryptocurrency industry.

Why You Should Care

Brad Garlinghouse’s comments about Ripple’s legal battle with the SEC shed light on the challenges faced by cryptocurrency companies in the United States. His warning to entrepreneurs to avoid starting their businesses in the U.S. highlights the need for fair and consistent regulatory policies to support the growth of the crypto industry. 

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To learn more about Coinbase and Ripple’s legal battle, check out this article:

Ripple Hunts XRP Coinbase Relisting in Crucial Meeting

To stay up-to-date with the latest Bitcoin price updates, breakdowns, and projections, read here:

DailyCoin Regular: Bitcoin Price Updates, Breakdowns and Projections

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.