Ripple news has been overloaded in the past 2.5 years with updates related to the dragging lawsuit with the US Securities and Exchange Commission (SEC). In December 2020, the financial watchdog sued the company behind the XRP token because it believes Ripple is using the XRP tokens as securities, i.e. securities, has sold without the required permits. While the case seems to be drawing to a close, Ripple’s CEO Brad Garinghouse has opened up about the total cost of his company’s legal battle.
$200 million in defense against SEC
Speaking at the Dubai Fintech Summit on May 8, Garlinghouse said Ripple will have spent a total of $200 million defending itself against the SEC by the time the lawsuit is concluded. When exactly an end will be put behind the lawsuit, it is not clear to anyone. Opinions differ considerably on this, but many people seem to agree that the final phase has now been reached.
Ripple Expands to Dubai
He also stated that in his view, the United States is stalling compared to progress in crypto regulation in the United Arab Emirates and the European Union.
Garlinghouse confirmed in a tweet that Ripple will expand to Dubai. The recent developments in crypto regulation in the Middle East and the consumer base in the region were cited as the main reasons.
As I just shared on stage at #DubaiFintechSummit, @Ripple is expanding in Dubai. With 20% of our customers based in MENA and clear regulatory regimes being developed, it’s no surprise that Dubai is emerging as a key global financial hub for crypto innovation to thrive. pic.twitter.com/9lWEtYECq7
— Brad Garlinghouse (@bgarlinghouse) May 8, 2023
In a message to SEC Chairman Gary Gensler, Garlinghouse expressed regret that the US is falling significantly behind as Ripple expands into the United Arab Emirates. Garlinghouse said one of the first pieces of advice he gives entrepreneurs when they ask him to start something is, “I wouldn’t start in the US if I were you.” He believes many American companies will agree.
When asked if the US needs a clear regulatory framework for crypto, Garlinghouse said the SEC needs to understand that the vast majority of people working in crypto and blockchain are good actors who want to stay within the rules but want them defined.