Ripple CEO Brad Garlinghouse revealed during a fireside chat at the Dubai Fintech Summit that Ripple has spent $200 million defending itself against a SEC Lawsuit.
He lamented about the slow progress of U.S. crypto regulation compared to other regions such as the United Arab Emirates and the European Union.
He criticized the U.S. for putting politics ahead of policy and advised entrepreneurs to avoid starting in the United States.
Garlinghouse called on the SEC to provide a clear regulatory framework for crypto!
Ripple was sued by the SEC in December 2020, which claimed that Ripple illegally sold XRP tokens as an unregistered security.
Ripple has long disputed the claim, arguing that it doesn’t constitute an investment contract under the Howey test.
– A decision is expected from the judge in the next three to six months.