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Ripple's Tussle With SEC to Cost the Firm $200M, CEO Garlinghouse Says: Report
The U.S. puts politics ahead of policy, Brad Garlinghouse has said at the 2023 Dubai Fintech Summit.
Blockchain company Ripple's legal battle with the U.S. Securities and Exchange Commission (SEC) is set to cost the firm around $200 million, Cointelegraph reported Monday, citing the Ripple CEO Brad Garlinghouse.
Garlinghouse reportedly told onlookers at the Dubai Fintech Summit that he would not advise crypto entrepreneurs to set up in the U.S., adding that the country puts politics ahead of policy.
STORY CONTINUES BELOW
Ripple, along with several of its executives, was sued by the securities regulator in 2020 over the unregistered sale of XRP tokens worth around $1.3 billion. The same year, the firm opened its regional headquarters in Dubai.
Since the collapse of crypto exchange FTX last year, the SEC has cracked down on some of the biggest players in the industry over violations of federal securities laws – although it recently pulled back from officially defining "digital assets."
Ripple has historically kept its distance from XRP, which powers some of Ripple’s products.
A judgement on the SEC case is expected in the next three to six weeks, according to the report. Hopes that the lawsuit would go in Ripple's favor caused the XRP token price to surge in March.
Sandali Handagama
Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She is an alumna of Columbia University's graduate school of journalism and has contributed to a variety of publications including The Guardian, Bloomberg, The Nation and Popular Science. Sandali doesn't own any crypto and she tweets as @iamsandali
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
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What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
