{"id":11910,"date":"2023-05-10T07:15:48","date_gmt":"2023-05-10T07:15:48","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=11910"},"modified":"2023-05-10T07:15:49","modified_gmt":"2023-05-10T07:15:49","slug":"ripple-ceo-says-company-spends-200-million-fighting-sec-lawsuit-over-xrp-ruling-could-come-in-3-months-3","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11910","title":{"rendered":"Ripple CEO Says Company Spends $200 Million Fighting SEC Lawsuit Over XRP, Ruling Could Come in 3 Months"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Ripple CEO Brad Garlinghouse has revealed that his company is spending $200 million defending itself against the SEC in its lawsuit over xrp. The executive expects a decision on the lawsuit in three to six months. \u201cIf we win the lawsuit, it\u2019ll be clear what xrp is, but the rest of the industry is still going to be unclear. And the whole crypto industry needs regulatory clarity in the U.S. to really thrive,\u201d said the Ripple boss.<\/strong><\/p>\n<h2>Ripple\u2019s CEO Shares New Info on SEC Lawsuit Over XRP<\/h2>\n<p>The CEO of Ripple Labs, Brad Garlinghouse, has provided some new information regarding his company\u2019s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).<\/p>\n<p>During a fireside chat with CNBC at the Dubai Fintech Summit on Monday, Garlinghouse revealed that when the lawsuit is concluded, Ripple would have spent $200 million in total to defend itself against the securities regulator. The executive shared:<\/p>\n<p>With the SEC, we will spend \u2014 this is the first time I\u2019ve shared this publicly \u2014 by the time all\u2019s said and done, we will have spent $200 million defending ourselves against a lawsuit, which from its very beginning, people were like, well, this doesn\u2019t make a lot of sense.<\/p>\n<p>The securities watchdog sued him, Ripple, and co-founder Chris Larsen in December 2020 alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering. Ripple, Garlinghouse, and Larsen have maintained that XRP is not a security.<\/p>\n<p>Commenting on U.S. crypto regulations, Garlinghouse stated that as a U.S. citizen and CEO of a company that started in the U.S.: \u201cIt\u2019s sad. I have sadness about this.\u201d<\/p>\n<p>The Ripple executive explained that other countries, such as Dubai, Singapore, and Switzerland, are getting ahead of the U.S. and will emerge as global financial capitals due to their regulatory clarity. \u201cThe U.S. is getting passed, not just a little bit, but by a lot \u2026 The tough thing about this is you have a country that, I think, put politics ahead of policies. That\u2019s not a good decision if you\u2019re trying to invest in the economy,\u201d he stressed, adding:<\/p>\n<p>You have video footage of the chair of the SEC, as a professor at MIT, saying 75% of these digital assets are commodities. And now he says they\u2019re all securities because he\u2019s the head of the SEC and he\u2019s seeking power and he\u2019s putting power ahead of sound policy to grow an economy in the United States.<\/p>\n<p>SEC Chairman Gary Gensler has been accused of taking an enforcement-centric approach to regulating the crypto industry. There have also been widespread complaints that the SEC does not provide clear regulatory guidelines, making it difficult for companies in the crypto space to ensure compliance. In addition, Gensler has said several times that most crypto tokens other than bitcoin are securities.<\/p>\n<p>In an interview with The National, published Monday, Garlinghouse opined: \u201cBut even after the lawsuit, the U.S. needs to provide clear rules of the road and regulatory clarity. The lawsuit will help. Other countries around the world will be ahead of where the U.S. is in adopting blockchain technologies.\u201d The Ripple executive noted:<\/p>\n<p>If we win the lawsuit, it\u2019ll be clear what XRP is, but the rest of the industry is still going to be unclear. And the whole crypto industry needs regulatory clarity in the U.S. to really thrive.<\/p>\n<p>Regarding Ripple\u2019s legal battle with the SEC, Garlinghouse said: \u201cOne of the silver linings for Ripple is we\u2019re at the end of our journey \u2026 We\u2019re two and a half years into this lawsuit. We should have a decision pretty soon.\u201d According to Garlinghouse, a decision on the lawsuit could come in three to six months.<\/p>\n<p>The Ripple CEO also shared at the summit that Ripple is expanding in Dubai. \u201cWith 20% of our customers based in MENA [Middle East and North Africa] and clear regulatory regimes being developed, it\u2019s no surprise that Dubai is emerging as a key global financial hub for crypto innovation to thrive,\u201d he tweeted.<\/p>\n<p><em><strong>What do you think about the statements by Ripple CEO Brad Garlinghouse? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/ripple-ceo-says-company-spends-200-million-fighting-sec-lawsuit-over-xrp-ruling-could-come-in-3-months\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ripple CEO Brad Garlinghouse has revealed that his company is spending $200 million defending itself against the SEC in its lawsuit over xrp. The executive expects a decision on the lawsuit in three to six months. \u201cIf we win the lawsuit, it\u2019ll be clear what xrp is, but the rest of the industry is still [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11911,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-11910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11910"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11910\/revisions"}],"predecessor-version":[{"id":11912,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11910\/revisions\/11912"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11911"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}