Ripple pegs SEC suit costs at $200M; plans Dubai expansion

Ripple CEO Brad Garlinghouse discussed his company’s regulatory challenges astatine the Dubai Fintech Summit, CNBC reported connected May 8.

There, Garlinghouse described the standard of Ripple’s ongoing ineligible struggle with the U.S. Securities and Exchange Commission (SEC). He said:

 “With the SEC … we volition person spent $200 cardinal defending ourselves against a lawsuit, which from its precise opening [people person said] doesn’t marque a batch of sense.”

Garlinghouse added that this was the archetypal clip that helium had shared the outgo of the ineligible struggle publically and argued that the U.S. is “definitely stuck” successful presumption of regulation.

In a separate tweet, Garlinghouse said that Ripple volition grow to Dubai successful effect to the U.S. regulatory landscape. He said that 20% of Ripple’s customers are based successful the MENA region, which has “clear regulatory regimes” and is becoming a planetary fiscal hub.

Ripple’s difficulties began successful December 2020 erstwhile the SEC accused Ripple and its executives of violating securities regulations by selling XRP tokens.

Ripple is conscionable 1 institution that is attempting to combat the SEC. Crypto speech Coinbase is besides preparing to instrumentality connected the SEC, arsenic it has received a Wells announcement from the regulator.

It is inactive unclear whether either situation volition succeed.

The station Ripple pegs SEC suit costs astatine $200M; plans Dubai expansion appeared archetypal connected CryptoSlate.