Ripple Reveals Total Spending Against SEC Lawsuit

Ripple’s CEO, Brad Garlinghouse, says the company has spent $200 million to protect itself in the SEC (Securities and Exchange Commission) lawsuit. Garlinghouse told the world about the number on May 8 at the Dubai Fintech Summit.

Also, Garlinghouse said that the United States hadn’t made any legal progress compared to the United Arab Emirates (UAE). He said that the European Union’s Markets in Crypto-Assets (MiCA) and the United Arab Emirates Virtual Asset Regulatory Authority (VARA) are far ahead of the U.S.

SEC Chair Hears From Ripple CEO

Gary Gensler, who runs the SEC, was also on the CEO’s list of people to talk to. Garlinghouse said living in a country where politics are more important than policy could be better.

Garlinghouse counsels aspiring businesspeople, “If I were you, I would not start in the United States.” He thinks that many American businesses and publicly traded American enterprises would concur.

Also, Garlinghouse was asked if the United States needs clear rules for regulating cryptocurrencies. He said that the SEC needs to realize that most people who work in blockchain and cryptocurrencies are good people.

Ongoing SEC Lawsuit

In December 2020, the SEC went to court against Ripple. The lawsuit says that Ripple sold XRP tokens without permission as an unregistered security. But Ripple has argued against this claim for a long time, saying that it doesn’t fit the Howey test’s description of an investment contract. The disagreement has occurred for over two years and has hurt the U.S. market. Still, Garlinghouse says the judge might decide in three to six months.

But rumors are circulating that the decision might not be made until next year. “Mr. Huber,” a well-known crypto activist, says that Judge Torres may release the decision after her summer break in 2023. But there is no proof that this is the case.

Just hearing rumors that Torres will release the ruling after her 2024 summer vacation and two secret meetings with Ripple and the SEC. Can anyone confirm this?

— Mr. Huber🔥🦅🔥 (@Leerzeit) May 7, 2023