The CEO of Ripple says it very often, the lawsuit between his company and the SEC is absurd. He revealed that at the end of this trial, Ripple will have spent $200 million to defend itself.
Brad Garlinghouse also lamented US crypto regulations at a conference he attended in Dubai.
The lawsuit against the SEC is costly for Ripple
During the Dubai Fintech Summit conference that took place on May 8, Brad Garlinghouse once again spoke about the case between Ripple and the Securities and Exchange Commission (SEC). For him, the United States favors politics and do not allow companies in the crypto sector to flourish.
He added that the US is currently failing to achieve a regulatory revolution, something the UAE Virtual Assets Regulator has done very well. Similarly, European lawmakers have taken matters into their own hands by adopting European regulation of digital assets through the MiCA law.
Garlinghouse regretted the lawsuit imposed on Ripple by the SEC which, instead of regulating, focuses on repression. According to him, when this trial is completed, Ripple will have spent $200 million on its defense in a trial that has made no sense from the start.
Garlinghouse appeals to the SEC
Also in his speech during the meeting in Dubai, Garlinghouse expressed his deep regret about the delay of his country with regard to the question of the regulation. In the United Arab Emirates where Ripple tends to settle, things are in place to define a regulatory framework.
Sending a message to SEC Chairman Gary Gensler, the CEO of Ripple asks not to favor politics. Putting politics ahead of industry regulation makes the situation more difficult.
In the continuity of his remarks, he explains that one of the first tips he gives to entrepreneurs who want to start is not to start in the United States. It’s an idea that several American companies share according to Garlinghouse.
On the fact that a clear regulatory framework for crypto is needed for the United States, Garlinghouse asserted that thehe majority of players in the crypto and blockchain industry are bona fide and want to work within the rules. However, the rules must be defined beforehand, hence the need to regulate.
The lawsuit between Ripple and the SEC began two and a half years ago. This caused controversy and confusion in the US market. The ordeal should soon end since according to Garlinghouse, the court should deliver its verdict in three or six months.