Brad Garlinghouse shared several important points associated with the Ripple vs SEC lawsuit and confirmed that the Ripple team already spent nearly $200 million funds to defend itself in the lawsuit.
Ripple is a San Francisco headquartered fintech company. This Fintech company provides cross-border payment services with the help of XRP coin. Since Dec 2020, Ripple has been under a big legal hurdle because of a lawsuit, filed by the United States Securities and Exchange Commission (SEC) over the nature of Ripple’s business & XRP token.
On 8 May 2023, At the Dubai Fintech Summit, Ripple CEO Brad Garlinghouse said that the US is lagging in terms of the crypto regulatory process over other countries like the European Union (EU) & United Arab Emirates (UAE).
Garlinghouse disclosed that his company already spent $200 million to defend the company in the lawsuit, initiated by the SEC agency.
Further Ripple,’s CEO alleged that the US regulatory bodies are following political strategies to regulate the crypto companies, instead following the policies properly.
As an advice, Ripple CEO suggested crypto entrepreneurs not start their business in the US citing unclear regulatory rules, and also he expects that the majority of the US-based crypto companies will agree with him.
“If I were you, I would not start in the United States,” Garlinghouse said.
Furthermore, on the crypto regulatory improvement, Ripple’s CEO said that the majority of the people working in this innovative sector are good actors & they want to work under full compliance but they need full clarity to follow the rules.
XRP coin price action
XRP is a native coin on the XRP ledger (XRPL). The current trade price of this coin is $0.425 & this trade price is 3.2% down over the last 24 hours’ trade price.