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Ripple CEO Garlinghouse: SEC lawsuit costs $100 million

The legal battle with the Securities and Exchange Commission is costing Ripple a lot of money.

By Mike Hesp
• 3 min read
Ripple CEO Garlinghouse: SEC lawsuit costs $100 million

The legal dispute with the Securities and Exchange Commission is costing Ripple a lot of money. According to the CEO, the lawsuit against the SEC costs $100 million.

Ripple is paying a high price for its ongoing legal battle with the U.S. Securities and Exchange Commission.

"If it’s all said and done, we will have spent more than $100 million on legal costs to fight the SEC," Ripple CEO Brad Garlinghouse said at the Consensus conference.

The agency sued the company in December 2020. The reason was the unregistered sale of securities; according to the SEC, the cryptocurrency XRP is a security. Since then, Ripple has fought back vigorously. The legal dispute is seen as a precedent in whether crypto assets are securities or currencies.

Garlinghouse says the SEC’s tactic is to push companies toward a settlement. "The dynamic is that the SEC pressures companies to settle because they can’t afford a fight," Garlinghouse said.

Garlinghouse said Ripple brought the case on behalf of "the whole sector." There are no signs yet of an end to the lawsuit. Garlinghouse expects a result by the end of the year.

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