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Blockchain firm Ripple is facing a potential $200 million expense as it continues its legal fight against the U.S. Securities and Exchange Commission (SEC), according to CEO Brad Garlinghouse.
The CEO made the comments during the Dubai Fintech Summit, where he advised cryptocurrency entrepreneurs to avoid setting up in the U.S.
He claimed that politics took precedence over policy in the country. Ripple and several of its executives were sued by the SEC in 2020 over the alleged unregistered sale of $1.3 billion worth of XRP tokens. Last year, the firm opened its regional headquarters in Dubai.
The SEC has taken action against several major players in the cryptocurrency sector for breaches of federal securities laws following the collapse of FTX.
However, the regulator recently retreated from formally defining "digital assets." Ripple has sought to distance itself from XRP, which powers some of its products.
A ruling on the SEC case is expected within the next three to six weeks, with hopes that the decision will favor Ripple, having caused the XRP token price to surge in March.
