The CEO of Ripple (XRP) revealed that $200 million has been spent defending the SEC lawsuit. He advised entrepreneurs to move away from the USA, complaining about the US crypto regulations and politics-first policy.
CEO Brad Garlinghouse Says Defending Against the SEC Will Cost Ripple (XRP) $200 Million
According to CEO Brad Garlinghouse, Ripple spent $200 million defending the lawsuit filed against them by the United States Securities Exchange Commission (SEC).
Garlinghouse revealed this figure during a conversation at the Dubai Fintech Summit today.
He noted that compared to the regulatory progress of the United Arab Emirates virtual asset regulatory authority and the recent Crypto Asset Markets (MICA) bill in the European Union, the United States is stuck.
When the case is decided; He stated that Ripple would have spent $200 million defending itself against a lawsuit that didn't make much sense from the very beginning.
In a message to SEC Chairman Gary Gensler, Garlinghouse expressed regret that the United States was significantly behind as Ripple expanded into the United Arab Emirates.
For him, the hardest thing about this situation is to have a country that puts politics before politics. Garlinghouse said one of the first pieces of advice he gave entrepreneurs when they wanted to start something for him was "I wouldn't start in the US if I were you."
On the other hand, Garlinghouse believes that many US-based companies and US public companies will agree.
It is not investment advice.
