Ripple CEO Brad Garlinghouse spoke about the cost to the company of the lawsuit with the SEC.
Garlinghouse stated that until the case is resolved, Ripple will spend more than $ 100 million in legal fees.
“Facts and laws aside, we will have spent over $100 million on our fight with the SEC. This fight is not just for Ripple, but for the entire industry.”
In cases faced with the SEC, astronomical costs have always worked in favor of the regulator, according to Garlinghouse. According to him, the SEC is forcing companies to make deals.
According to Garlinghouse, the SEC relies on many crypto businesses not having the necessary resources to file legal appeals.
“SEC is forcing companies to settle because they (crypto companies) can’t afford to fight”
In response to a question about why no agreement was reached, the Ripple CEO noted that all crypto companies would follow a similar path if they did so themselves. According to Garlinghouse, the ongoing legal process is important for all crypto companies, not just Ripple.
SEC Chairman Gary Gensler said in a statement yesterday that the vast majority of non-Bitcoin cryptocurrencies are securities, while avoiding a sharp answer about Ethereum.
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