The Chief Executive Officer of Ripple (XRP), Brad Garlinghouse, has acknowledged the financial cost of the company’s engagement in a lawsuit with the Securities and Exchange Commission (SEC).
Garlinghouse said in a recent interview that Ripple would have spent more than $100 million on legal expenses by the time the litigation was resolved.
“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, on July 15.
‘The SEC bullies companies into a settlement.’
According to the Chief Executive Officer of Ripple, the astronomical costs associated with engaging in a legal fight with the SEC have always worked in favour of the securities regulator.
As per Garlinghouse, the SEC counts on the fact that most crypto-related enterprises lack the financial resources necessary to file a legal challenge against the agency. As a result, persistently intimidated these companies into agreeing to a settlement, he noted.
READ MORE AT THE SOURCE: FINBOLD
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