Garlinghouse: “It Will Cost $200 Million”

Another important guest of the Dubai Fintech Summit, where Brian Armstrong, the CEO of Coinbase, also attended and made important statements, was Brad Garlinghouse, CEO of Ripple company. Answering the questions of CNBC from the US media during the summit, Garlinghouse made important statements about the ongoing SEC case.

Stating that the amount that will come out of their pockets with the end of the securities lawsuit will reach 200 million dollars, Garlinghouse said:

This will be the first time I am sharing this in such an environment. By the end of the SEC case, the amount we spent on this illogical court, which I’ve been saying since day one, will have reached 200 million dollars.

Garlinghouse, who also made harsh statements about SEC chairman Gary Gensler, recalled the period Gensler taught at MIT:

The current head of the SEC said that while he was a professor at MIT, 75% of cryptocurrencies were commodities. Now he’s become SEC chairman, and he says nearly all of them are investment contracts. Because it requires more power. In order to achieve this power, it is getting ahead of this economy that will grow in the USA.

As it is known, the SEC filed a lawsuit in December 2020, claiming that Ripple company, its CEO Garlinghouse and CTO Chris Larsen violated the securities law. The case, which has been going on for almost 3 years, has still not been concluded.