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Ripple estimates that the SEC lawsuit will cost $200 million; Dubai’s expansion plans

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Ripple estimates that the SEC lawsuit will cost $200 million; Dubai’s expansion plans


CEO Brad Garlinghouse commented on his firm’s attempts to find favorable regulation.

CNBC reported on May 8 that Ripple CEO Brad Garlinghouse spoke about his company’s regulatory challenges at the Dubai Fintech Summit.

The scope of Ripple’s ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC) was described by Garlinghouse there. He said:

 “With the SEC … we will have spent $200 million defending ourselves against a lawsuit, which from its very beginning [people have said] doesn’t make a lot of sense.”






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In addition, Garlinghouse asserted that the United States is “definitely stuck” in terms of regulation and that this was the first time he had publicly disclosed the cost of the legal dispute.

In a different tweet, Garlinghouse said that Wave will extend to Dubai in light of the U.S. administrative scene. He said that the MENA region, which has “clear regulatory regimes” and is becoming a global financial hub, has 20% of Ripple’s customers.

When the SEC accused Ripple and its executives of selling XRP tokens in violation of securities regulations in December 2020, Ripple’s difficulties began.

Ripple is just one of many businesses fighting the SEC. Crypto trade Coinbase is likewise planning to take on the SEC, as it has gotten a Wells notice from the controller.

Whether or not either challenge will succeed is still unknown.

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