Crypto NewsRipple (XRP)

Ripple Will Spend Over $100,000,000 To Defend Itself Against SEC In XRP Lawsuit, Says CEO Brad Garlinghouse

Ripple CEO Brad Garlinghouse says the cost of his firm’s lawsuit with the US Securities and Exchange Commission (SEC) will be well in excess of nine figures.
In an interview with Ryan Selkis, CEO of crypto analytics firm Messari, Garlinghouse says Ripple Labs is somewhat representing the entire industry by taking on the SEC.

In late 2020, the SEC sued Ripple Labs for allegedly issuing XRP as an unregistered security, a case that has repercussions for the rest of the digital assets space.

“Now I think the SEC has been a bit of a bully on the whole industry. We will – and I’ve said this publicly – spend well into the $100 million+ defending ourselves against the SEC. And there aren’t many projects that can really afford it. I mean the companies that can afford it, the list is not long. And so I think it’s important not just for Ripplees, it’s important for the industry that someone stands up against it.”

Garlinghouse says it’s unreasonable to set a precedent where SEC Chairman Gary Gensler can arbitrarily declare any digital asset an unregistered security.

“This is a federal agency that works for us. It’s part of the government, we should be outraged, as is the idea that now everything Gary Gensler sees is a security, crazy talk.”

The crypto billionaire says there’s a silver lining to Ripple’s lawsuit is that it’s forcing the crypto space to seriously consider the extent of the SEC’s authority over the industry.

“I think the SEC kind of went ‘coo-coo for Coco Puffs,’ and I think in a positive way it’s catalyzing all of us to write to our legislators to donate to people we want to elect, and I think maybe the pendulum could swing a little bit to give the SEC a hit.”


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Source: Crypto News Deutsch

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