Ripple Spent $200 Million to Defend Itself Against the SEC Lawsuit

• CEO Garlinghouse stated Ripple spent $200 million to defend itself from the SEC.
• He announced that Ripple will expand to the city of Dubai.

Ripple CEO Brad Garlinghouse stated that Ripple will have spent $200 million to defend itself from the U.S. Securities and Exchange Commission lawsuit.

The SEC filed a lawsuit against Ripple and accused CEO Brad Garlinghouse and Co-founder Chris Larsen of breaching SEC laws by selling XRP without registering it with regulators. Ripple challenges the SEC’s lawsuit by maintaining the view that XRP should be considered a digital currency rather than securities. Recently, in an interview with CNBC at Dubai Fintech Summit, Garlinghouse stated that it had spent $200 million fighting the SEC since the lawsuit’s beginning.

Ripple Will Expand to Dubai

Garlinghouse mentioned that the video footage of the SEC chair saying 75% of the digital assets are commodities, now he is saying that these are securities. He is seeking the power of the SEC chair and putting the power ahead of sound policy to grow the economy in the United States, Garlinghouse added. 

Ripple isn’t the only company that the SEC has filed lawsuits against. Recently the regulators have notified the crypto exchange Coinbase that it plans to sue the exchange for alleged security violations. The SEC efforts are upsetting the crypto market. And some experts stated that it might force companies to operate outside the U.S.

In that interview, he stated that Dubai is emerging as the key financial hub for crypto innovation to thrive. Ripple will expand to the city of Dubai. The trading price of XRP is around $0.4299, with a decline of over 6.15%, according to CoinMarketCap.