Ripple Will Spend Over $100M in Legal Fees Against SEC, CEO Reveals

Ripple to spend $100 million on the lawsuit against SEC.

CEO of Ripple has disclosed the financial cost of fighting with the Securities and Exchange Commission (SEC) in a lawsuit.

[{"selector":"#anim-4d65c6a7-17fc-4282-bac1-9bfeca67f51f","keyframes":{"transform":["translate3d(-97.63441%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b02b8abc-f8e1-4ec2-8d2e-2f27ae864e11","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5212afe4-d01b-4047-864a-d965aeab8ec8","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-a47d9c47-0036-40c4-92e2-5d527994fe44","keyframes":{"transform":["translate3d(118.72909%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-38d7db20-74f9-4b84-b9f7-5e7e0df6d96e","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-561df14d-1069-4fe2-9d98-0fa8545c0374","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

In a recent interview, Garlinghouse stated that by the end of the lawsuit, Ripple will have spent over $100 million in legal fees.

[{"selector":"#anim-378bac14-2aee-4bc0-8280-97204e3a5815","keyframes":{"transform":["translate3d(-95.69892%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-64be5b3b-935a-4815-8831-f72376ab7cb5","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-838307d5-83be-431d-a718-9f34510ef141","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-d24e1a51-d060-4833-bc8b-08c832ff8868","keyframes":{"transform":["translate3d(116.05350%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-dec3b347-d63b-47a9-83cf-892d763db568","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fb162c00-32c7-4826-8906-82d65498c971","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

According to the Ripple CEO, the massive cost of suing the SEC in a legal battle has always been in favor of the securities regulator.

[{"selector":"#anim-a5dd78aa-729f-47d9-80bc-8cab46b9c509","keyframes":{"transform":["translate3d(-95.69892%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4bfbc440-7def-4678-a06e-b24ce2ed762f","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fa93a308-18da-4837-9a16-7503e6731feb","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-a1abbf32-4f84-4531-b099-a69ad8bf950e","keyframes":{"transform":["translate3d(116.17161%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-aa925eb4-ce56-4d76-ad28-5e52ebc3ebf9","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5c09bb80-839b-4694-9384-233125f700e5","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Garlinghouse further stated the Securities and Exchange Commission relies on the fact that most crypto-related companies cannot afford to challenge the agency in a lawsuit.

[{"selector":"#anim-5b7821bc-a92f-4bf8-bba3-2455d2daf9c1","keyframes":{"transform":["translate3d(-95.69892%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fe71f2d3-dbdb-4614-82a7-71e7b839db72","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6c346347-da27-43ce-a5a5-25fa70c76580","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-fe497588-5b52-4234-bcce-7b325cf13ce2","keyframes":{"transform":["translate3d(112.37785%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-69156347-1dd1-4675-ab05-d10056aed9e4","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-65887f9e-ae8d-4664-9cd0-4aa109d93bd0","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

“The facts and Law are on the side…When this is all set and done, we will have spent over $100 million on legal fees fighting the SEC… This fight is not just for Ripple; it’s for the whole Industry,” Garlinghouse said at Consensus 2022 in Austin Texas.

[{"selector":"#anim-e4b44d56-53d1-4fab-80e1-4091c448f3a3","keyframes":{"transform":["translate3d(-94.4086%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d3f3e15d-0de3-4e9e-88bb-c5557043d02e","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2a9ac6d1-68a5-41b7-8b0f-5d1aec6d3d9c","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-3821a46b-0b9a-46dc-9f89-c7d62b102066","keyframes":{"transform":["translate3d(112.37785%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c3dacc1b-3dff-423d-b92c-d6f4e67ec3c3","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-03159ccf-7cdb-4787-91dd-425119a5ec8c","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

According to the CEO, this lawsuit is not just for Ripple but for the whole crypto industry.

[{"selector":"#anim-b9941811-2aef-4459-b00c-1a7363aef753","keyframes":{"transform":["translate3d(-95.91398%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e5dd303c-046f-4fe6-b47a-26e8b6134234","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7935666a-ac66-4d22-b4de-bd82dad54729","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-5cd9f875-ed95-40b9-b22b-5c243c057c15","keyframes":{"transform":["translate3d(114.65798%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-23614e30-8aeb-4ec9-8c34-18c8626cfb06","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-480a539f-bf3f-40a3-b4c2-f4091f9516ba","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

According to the CEO, Ripple chose to embark on the lawsuit rather than opt for a settlement like most crypto firms would have done.

[{"selector":"#anim-81d9fc15-4384-485b-aec6-22ff304b5ce0","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b64fbbf3-f749-421c-901a-d5b376914be1","keyframes":{"transform":["translate3d(-96.98925%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-249410e7-0a0e-4195-991d-cea9c76a7382","keyframes":{"transform":["translate3d(-232.00005%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-465d7e77-ce2f-4b0f-ac4d-a2d66a49fae6","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] More Crypto Stories...