.Ripple legal fight with SECGov is expected to reach a staggering $200 million price tag
, the blockchain company closely associated with digital currency XRP, has found itself dealing with mounting legal expenses as it wrestles the U.S. Securities and Exchange Commission in a high-stakes courtroom showdown.
The firm is bracing itself to weather a $200 million storm in legal costs, according to CEO Brad Garlinghouse, who unveiled the figure at the Dubai Fintech Summit on May 8. The SEC's accusation that Ripple orchestrated an unregistered securities offering by selling XRP lies at the core of this legal battle. The formidable regulator views the token as a security.
The controversial San Francisco-headquartered company has been fighting these allegations, arguing that XRP is a digital currency and not a security. As a result, the legal battle has not only become costly but has also impacted the overall cryptocurrency industry.
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