Revealed: Ripple’s Legal Brawl With SEC Could Cost About $200M
Brad Garlinghouse, the Chief Executive Officer (CEO) of Ripple revealed that in the end, it would have cost the firm about $200 million to defend itself in the lawsuit with the Securities and Exchange Commission (SEC). The Ripple CEO disclosed this information during a fireside chat at the Dubai Fintech Summit while talking about the United States and cryptocurrency regulation.
Per a statement by Garlinghouse, the U.S. is lagging compared to other countries in terms of crypto regulation. In addition, he claimed that the United States government is placing politics above policy. On the other hand, he applauded the progress which the United Arab Emirates (UAE) and the European Union (EU) have achieved in relation to their cryptocurrency regulatory framework.
The Markets in Crypto Assets (MiCA) legislation for Europe is already going through due processes to facilitate its official launch. The MiCA bill seems to be the most sophisticated and comprehensive crypto market set of rules at this present time, according to CoinGape. As it stands, the law is yet to come into effect for crypto businesses and it is not yet certain when it eventually will.
Ripple CEO Urges the U.S. to Define Crypto Regulation
He attested to the fact that whenever he is approached by crypto entrepreneurs seeking advice, he tells them not to start from the United States. While this is his sentiment, he believes that several other U.S-based firm and public companies would share the same stance. Before now, Garlinghouse had spoken extensively on the need for crypto regulation.
At the World Economic Forum (WEF) in Davos which was held early this year, Ripple’s CEO emphasized the need to find the right balance when it comes to crypto. Again, he has explained that a significant number of people involved in crypto-related businesses are good people who are interested in aligning with regulation. However, they do not know how to do so because the rules are not defined.
Ripple’s lawsuit with the SEC is still ongoing with a final verdict expected between the next three to six months. Already, it looks like the odds are in favour of Ripple with several new information emerging.
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