Brad Garlinghouseannounced that $200 million was spent defending the SEC case.
SEC Announcing that his lawsuit cost $200 million, Ripple CEO Brad Garlinghouse lamented the US policy of crypto regulation and politics. Garlinghouse further recommended that investors avoid the US.
Garlinghouse: Investors Should Avoid the US
According to Brad Garlinghouse, Ripple United States Securities Exchange CommissionHe spent $200 million defending the lawsuit brought against him by the SEC.
Garlinghouse reported that figure on May 8. Dubai Fintech Summit He explained it during a speech in . CEO, the regulatory progress of the United Arab Emirates virtual asset regulatory authority and the latest in the European Union Crypto Asset Markets (MiCA)He stated that the USA lagged behind when compared to the draft bill.
Garlinghouse, SEC chairman Gary GenslerIn a message to Ripple, he expressed regret that the United States has fallen significantly behind as it expands to the United Arab Emirates.
The hardest thing about this situation, according to Garlinghouse, is having a country that puts politics before its principles. Telling investors to avoid the US, the CEO believes that many US-based companies and US public institutions agree.
ripple, December 2020 In , it was sued by the SEC and alleged that Ripple was illegally selling XRP. The SEC has recognized XRP as an unregistered security. Ripplehas contested this claim for some time, arguing that it does not constitute an investment contract under the Howey test.
Two and a half years of litigation has created difficulties in the US market. According to Garlinghouse, the judge is expected to make a decision in the next three to six months.
