Ripple (XRP) CEO Brad Garlinghouse revealed at the Dubai Fintech Summit on May 8 that the company had spent $200 million in defense against the SEC lawsuit. 

Garlinghouse also noted the lack of regulatory progress in the United States compared to the United Arab Emirates, where the Virtual Asset Regulatory Authority (VARA) and the Markets in Crypto-Assets (MiCA) of the European Union are significantly ahead.

Ripple CEO addresses SEC Head

At the Dubai Fintech Summit, Ripple CEO Brad Garlinghouse criticized the U.S. regulatory system, stating that politics has become more important than policy in the country. He advised entrepreneurs against starting businesses in the U.S. and suggested that many American enterprises would agree with him. 

Garlinghouse also emphasized that the SEC needs to understand that the majority of people working in the blockchain and cryptocurrency space are good actors.

The ongoing lawsuit between Ripple and the SEC, which was filed in December 2020, alleges that Ripple conducted unregistered XRP token trades without authorization. Ripple has disputed the claim, arguing that it does not meet the definition of an investment contract according to the Howey test. 

The dispute has had a negative impact on the U.S. market, but Garlinghouse expects a ruling within the next three to six months. However, rumors suggest that the verdict may be delayed until after Judge Torres’ 2023 summer vacation, but this has not been confirmed.

Read Also: Coinbase and Ripple Legal Teams Meet, XRP Listing Discussed?

At the time of writing, Ripple (XRP) is trading at $0.4354 with a daily volume of 291.974M. The coin has been down 3.16% in the last 24 hours and about 7.52% in the past week.

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