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Ripple CEO Garlinghouse: SEC lawsuit costs $100 million

Ripple $100 million Lawsuit

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The legal dispute with the Securities and Exchange Commission is taking its toll on Ripple. According to Ripple CEO Brad Garlinghouse, the lawsuit against the SEC is consuming 100 million U.S. dollars.

Ripple to pay $100 million in legal fees

“When this is all set and done, we will have spent over $100 million on legal fees fighting the SEC,” said Ripple CEO Brad Garlinghouse in an interview at the Consensus 2022 conference.

The United States Securities and Exchange Commission (SEC) sued the company and two of its executives in December 2020. According to the SEC, Ripple sold its XRP token in 2012 in an unregistered securities offering.

The lawsuit has not yet been resolved, and Ripple sees the case as a precedent on the issue of whether crypto or digital assets are securities or currencies.

There is no sign yet of an end to the litigation, although Ripple CEO Garlinghouse expects an outcome by the end of the year.

Disclaimer

This article does not provide investment advice. Historical cryptocurrency data is not a guarantee of future market developments. The author may hold several of the cryptocurrencies mentioned in this article.

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