Brad Garlinghouse, speaking at the 2023 Dubai Fintech Summit, expressed that the United States prioritizes politics over policy.
Ripple, a blockchain company, is expected to incur approximately $200 million in costs due to its ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC), as reported by Cointelegraph, citing Ripple CEO Brad Garlinghouse.
During the Dubai Fintech Summit, Garlinghouse reportedly advised crypto entrepreneurs against establishing their businesses in the United States, stating that the country prioritizes politics over policy.
In 2020, Ripple, along with some of its executives, faced a lawsuit from the securities regulator for conducting the unregistered sale of XRP tokens, amounting to approximately $1.3 billion. Interestingly, that same year, Ripple established its regional headquarters in Dubai.
Following the collapse of crypto exchange FTX last year, the SEC has intensified its scrutiny of major industry players for potential violations of federal securities laws. However, the regulatory body has recently refrained from providing an official definition of “digital assets.”
Ripple has traditionally maintained a certain level of separation from XRP, which serves as the underlying currency for some of Ripple’s products.
According to the report, a verdict on the SEC case is anticipated within the next three to six weeks. The possibility of a favorable outcome for Ripple in the lawsuit led to a significant surge in the price of the XRP token in March.
