Ripple vs SEC: $200 million spent by the crypto firm to ensure its defense

The SEC lawsuit against the crypto firm Ripple will not only have prevented the company from profiting from the crypto market. After more than two years of trial, it is a staggering sum that the latter had to inject to defend her case.

SEC lawsuits cost Ripple $200 million

Recently, Ripple’s market capitalization exceeded $20 billion. The company enjoys excellent financial health despite a long-term lawsuit against the SEC for 2 years. However, this unfounded legal battle will have cost Ripple the trifle of $200 million. A sum which essentially covers the legal costs involved in the case.

Brad Garlinghouse, the CEO of Ripple, made these revelations, Monday, May 8, at the Dubai Fintech Summit. An opportunity for the manager to draw the attention of young entrepreneurs to the regulatory challenges related to cryptos, in the United States in particular.

The boss did not go out of his way on the subject. He categorically advised entrepreneurs not to consider settling in the country of Uncle Sam. His country offers them no guarantee of development, he stressed. This, by evoking the war that regulators are waging against crypto firms like his.

“If I were you, I wouldn’t start in the United States,” dropped the boss of Ripple. A radical opinion that, according to him, would share a number of firms which are currently suffering the throes of regulators.

Garlinghouse did not fail to demolish the regulatory policy of regulators who, according to him, assume little of their sovereign responsibilities. Instead of using their prerogatives to establish clear guidelines, they prefer to bring counter-intuitive lawsuits.

Either way, the industry is keeping its fingers crossed as it waits for justice to end the legal battle between the SEC and Ripple. At the moment, the latter is consolidating alliances in the crypto industry, in particular with the crypto firm Coinbase.

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