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Usha Yadav
Jul 16, 2022
by Usha Yadav

Ripple CEO: Firm Has Spent Over $100M On Legal Fees Fighting SEC

Ripple SEC

Table of contents

  1. SEC Coerced Companies Into Settlements
  2. Ripple Case Insights
Brad Garlinghouse, the CEO of Ripple (XRP), has acknowledged that the company's involvement in the case against the Securities and Exchange Commission (SEC) has cost money. In a recent interview, Garlinghouse claimed that by the time the legal dispute was over, Ripple would have shelled out more than $100 million in legal fees.
"The facts and Law are on the side... When this is all done, we will have spent over $100 million on legal fees fighting the SEC… This fight is not just for Ripple, it's for the whole Industry," Garlinghouse said at Consensus 2022 in Austin, Texas, on July 15.

SEC Coerced Companies Into Settlements

Ripple CEO asserts that the SEC has always benefited from the prohibitive costs of a judicial battle because of the securities regulator. Garlinghouse claims that the SEC relies on the fact that most crypto-related businesses do not have the financial means to sue the agency. He said that as a result, they repeatedly bullied these businesses into signing a settlement.

Ripple Case Insights

The CEO of Ripple gave some explanations as to why the company chose to litigate the matter rather than settle, as most bitcoin businesses would have done in similar circumstances. Garlinghouse thinks the ongoing legal battle is vital for the whole cryptocurrency industry, not just Ripple. Ripple filed a lawsuit against the SEC to persuade the agency to clarify its regulations for the developing Industry.

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Ripple SEC Brad Garlinghouse Ripple SEC Legal Battle
Ripple CEO: Firm Has Spent Over $100M On Legal Fees Fighting SEC
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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