Ripple CEO Brad Garlinghouse discussed his company’s regulatory challenges at the Dubai Fintech Summit, CNBC reported May 8.
There, Garlinghouse described the extent of Ripple’s ongoing legal conflict with the U.S. Securities and Exchange Commission (SEC). He said:
“With the SEC… we will have spent $200 million defending ourselves against a lawsuit, which has been going on from the very beginning [people have said] doesn’t make much sense.”
Garlinghouse added that this was the first time he had publicly shared the cost of the legal conflict and argued that the US is “absolutely stuck” in terms of regulation.
In a separate tweet, Garlinghouse said Ripple will expand to Dubai in response to the US regulatory landscape. He said 20% of Ripple’s clients are based in the MENA region, which has “clear regulatory regimes” and is becoming a global financial center.
Ripple’s troubles began in December 2020 when the SEC accused Ripple and its executives of violating securities regulations by selling XRP tokens.
Ripple is just one company trying to fight the SEC. Crypto exchange Coinbase is also preparing to take on the SEC as it has received a message from Wells from the regulator.
It is still unclear whether both challenges will succeed.
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