Ripple CEO Brad Garlinghouse revealed during the Dubai Fintech Summit that the company spent $200 million on legal costs in the ongoing lawsuit against the US Securities and Exchange Commission (SEC).
He also noted that the US trails the United Arab Emirates and the European Union in terms of regulation of digital assets.
Garlinghouse expressed his dissatisfaction with the Commission’s approach and advised aspiring entrepreneurs to avoid starting businesses in the US.
The proceedings between the regulator and the crypto company have been going on for more than two years, with the SEC filing a lawsuit against Ripple in December 2020 for allegedly selling unregistered securities in the form of XRP to retail investors.
Joseph Hall, a partner at law firm Davis Polk and former Commission official, believes that the SEC has a slim chance of winning the case in court, but doubts that the process will be resolved soon.