Cryptocurrency founders Ripple to spend more than 100 million on lawyers

Ripple (XRP) CEO Brad Garlinghouse has announced the company’s financial expenses for participation in the lawsuit with the Securities and Exchange Commission (SEC).

Garlinghouse said in an interview that Ripple will pay more than $ 100 million in legal fees by the time the trial is over: «The facts and the law are on our side. By the time this is all over, we will have spent over $ 100 million in legal fees in our fight with the SEC. But this fight isn’t just about Ripple, this victory is for the entire industry.»

According to Garlinghouse, the SEC is counting on the fact that most cryptocurrency-related businesses lack the financial resources necessary to file a retaliatory lawsuit against the agency. As a result, the SEC intimidates such companies into agreeing to a settlement.