Cryptocurrency company Ripple spent about $200 million in protection from the Securities and Exchange Commission. This was announced by the CEO of the firm Brad Garlinghouse at the Dubai FinTech Summit. He also complained about US crypto regulation and advised new entrepreneurs not to start in the United States.
The Ripple CEO also sent a message to the head of the SEC, Gary Gensler. He wrote that the US is lagging far behind other countries, and Ripple is expanding its activities in the United Arab Emirates.
Brad was also asked if the US needed a clear regulatory framework for cryptocurrencies. He responded that the SEC needs to understand that most people working in the cryptocurrency and blockchain space are good players who want to abide by the rules but need clear interpretation and clarity in those rules.
Ripple’s red tape with the SEC has been going on for more than two and a half years. The judge’s decision is expected within the next three to six months, Garlinghouse said.
Source: Cryptocurrency
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