Ripple Will Spend Over $100,000,000 Defending Itself Against the SEC in XRP Lawsuit, Says CEO Brad Garlinghouse
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Ripple CEO Brad Garlinghouse says the cost of his company’s lawsuit with the US Securities and Exchange Commission (SEC) is well over the nine-figure mark.
In an interview with Ryan Selkis, CEO of cryptoanalytics firm Messari, Garlinghouse says that Ripple Labs is kind of 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, which has affected the rest of the digital asset space.
“Now, I think the SEC has been a bit of a bully in the whole industry. We’re spending — and I’ve already shared this publicly — over $100 million to defend ourselves against the SEC. And there’s not a lot of projects that can actually afford it. I mean companies that can wait, it’s not a long list. And that’s why I think it’s not only important for Ripple, but it’s important for the industry to have somebody stand up for this.”
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, because the idea that, in Gary Gensler’s view, it’s all about security now is crazy talk.
The crypto billionaire says one silver lining to Ripple’s lawsuit is that it forces the crypto space to seriously consider the SEC’s power over the industry.
“I think the SEC has gone ‘coo-coo for coco puffs,’ and I think it catalyzes in some positive way all of us to write our legislators to donate to the people we want to get elected, and I think maybe the pendulum might swing a little bit for the SEC.”
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