According to the statement made by Ripple CEO Brad Garlinghouse, the company will have spent $ 200 million to defend itself against the lawsuit filed by the US Securities and Exchange Commission.
Ripple Spent Millions of Dollars in SEC Case
The SEC had accused Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen of violating US securities laws by selling XRP without registering it with the regulator.
Ripple disputes the SEC's claims, arguing that XRP should be considered a digital currency rather than a security.
Garlinghouse said Chairman Gary Gensler and other SEC officials have made statements in the past that contradict the regulator's belief that XRP is a security.
Garlinghouse accused Chairman Gary Gensler and other SEC officials of contradicting the regulator's belief that XRP is a security.
In the latest development, the Ripple case evolved in Ripple's favor and the judge said that the second sales of XRP were not a security.
The SEC dropped the lawsuit it filed against Ripple executives. However, no matter what, Ripple announced that the expenses related to the SEC case have exceeded 200 million dollars and this amount may increase further.
*This is not investment advice.