Blockchain company Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) is set to cost the firm around $200 million, Cointelegraph reported Monday citing, the Ripple CEO Brad Garlinghouse.
Garlinghouse reportedly told onlookers at the Dubai Fintech Summit that he would not advise crypto entrepreneurs to set up in the U.S., adding the country puts politics ahead of policy.
Ripple was sued by the securities regulator in 2020 along with several of its executives over the unregistered sale of XRP tokens worth around $1.3 billion. The same year, the firm opened its regional headquarters in Dubai.
Since the collapse of crypto exchange FTX’s last year, the SEC has cracked down on some of the biggest players of the industry over violations of federal securities laws – although it recently pulled back from officially defining “digital assets.” Ripple has historically kept its distance from XRP, which powers some of Ripple’s products.