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Ripple CEO Garlinghouse: SEC lawsuit costs $100 million

 


Ripple is paying a high price for the ongoing legal battle with the US Securities and Exchange Commission.

"By the time it's all over, we'll have spent more than $100 million in legal fees fighting the SEC," Ripple CEO Brad Garlinghouse stated during the Consensus conference .

The agency charged the company in December 2020.

The reason is the unregistered securities issue, according to the SEC, the cryptocurrency XRP is a security.

Since then, Ripple has firmly opposed it, the legal dispute is considered a precedent in the question of whether crypto assets are securities, i.e. securities, or currencies.

According to Garlinghouse, the SEC's tactic is to force companies to settle.

"The dynamic is that the SEC is pushing companies to settle because they can't afford to fight," Garlinghouse said.

According to Garlinghouse, Ripple is conducting the process “on behalf of the entire industry”.

There is still no sign of an end to the legal dispute. However , Garlinghouse expects a result by the end of the year .

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