Ripple CEO Says Legal Expenses Surge To $200M, Blames SEC For Bullying

Ripple XRP/USD CEO Brad Garlinghouse revealed the company's legal expenses surged to a staggering $200 million, doubling from the $100 million reported in July 2022.

This significant increase underscored the escalating tensions between the cryptocurrency sector and the U.S. Securities and Exchange Commission (SEC).

The ongoing legal tussle and its implications for the broader crypto industry will be among the focal points at the upcoming Benzinga's Future of Digital Assets conference on Nov. 14.

Garlinghouse's comments came on the heels of his appearance at the Mainnet conference, where he equated the SEC's aggressive stance to bullying.

He criticized SEC Chairman Gary Gensler, stating, "[Chair Gary Gensler] is pursuing power, he’s pursuing politics. Not sound policy.”

Also Read: Hong Kong Authorities Block Access To JPEX, Exchange Advises User Workaround

Ripple's defiant stance against the SEC has garnered support from other crypto entities, which previously criticized Ripple for its corporate approach.

The duration and eventual cost of Ripple's legal battle remain uncertain, especially as the SEC plans to challenge Ripple's recent court triumph.

Gensler's continued emphasis on stringent regulatory measures further complicates the scenario.

Amidst the regulatory turmoil in the U.S., Ripple is considering Asia as a promising region for its future expansion. While major U.S.-based firms such as Coinbase Global Inc. COIN and Ripple have hinted at potentially relocating their operations to escape the stringent U.S. regulatory landscape, such moves are likely more rhetorical than realistic.

Read Next: Mt. Gox Repayment Saga Continues, Creditors To Wait Another Year

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!

Photo: Shutterstock