Ripple spent over $100 million on legal expenses.
U.S. judge denied the SEC’s requests for attorney-client privilege.
In a recent interview, Brad Garlinghouse, the Chief Executive Officer (CEO) of Ripple (XRP), stated that the company’s involvement in the case against the Securities and Exchange Commission (SEC) financial expense, they will spend over $100 million on legal fees.
The facts and Law are on the side…When this is all set and done, we will have spent over $100 million on legal fees fighting the SEC… This fight is not just for Ripple; it’s for the whole Industry.
Also, Brad claims that the SEC focuses on the fact that the bulk of crypto-related companies does not have the financial ability to sue the agency, as a result, these crypto firms have been repeatedly bullied into accepting a settlement.
And the CEO argues that the SEC has always benefited from the prohibitive expenses involved in a judicial battle. Also, he provided insight into the company’s decision to file a lawsuit rather than settle, and Garlinghouse believes that the current legal dispute is important for all crypto companies, not just Ripple.
On June 13, Ripple claims the first winning sign that U.S. judge Sarah Netburn denied the SEC’s requests for the attorney-client privilege related to internal documents pertaining to the Hinman statement.