SNEAK PEEK
- Ripple is expecting a financial blow of $200 million due to its legal battle with the SEC.
- Ripple’s CEO expressed reluctance to recommend the US as a favorable environment for crypto entrepreneurs.
- The judge’s ruling on the Ripple-SEC case is anticipated within the next three to six months.
Ripple, the renowned blockchain company, is bracing itself for a significant financial blow as its ongoing legal clash with the U.S. Securities and Exchange Commission (SEC) takes a toll. According to a report by Cointelegraph, Ripple CEO Brad Garlinghouse disclosed that the company is expected to suffer a high cost of around $200 million.
This disclosure comes amidst Garlinghouse’s recent statement at the Dubai Fintech Summit regarding the exorbitant costs incurred by Ripple in its battle with the SEC. Further, in a bold and candid remark, the CEO expressed his reluctance to recommend the United States as a conducive environment for crypto entrepreneurs.
When questioned about the necessity of a transparent regulatory framework for cryptocurrencies in the United States, Garlinghouse, emphasized the pressing nature of the issue. He urged the SEC to recognize that the vast majority of participants in the crypto and blockchain industries are committed to upholding the law and adhering to established norms.
Based on reports, in 2020, Ripple and some of its executives were sued by the securities regulator for allegedly selling XRP tokens worth approximately $1.3 billion without registering them. Amidst this contentious legal backdrop, Ripple made a strategic move by opening its regional headquarters in Dubai the same year.
The ongoing case, which has endured for a lengthy two and a half years, has undeniably caused significant challenges within the U.S. market. However, a glimmer of hope emerges as Garlinghouse, a key figure in the matter, suggests that the judge’s ruling is anticipated within the next three to six months.
