Ripple, a U.S. based blockchain firm, has spent more than $200 million in legal fees in order to defend itself from the lawsuit filed by the United States Securities and Exchange Commission (SEC). This was revealed by the company CEO Brad Garlinghouse during a fireside chat at the Dubai Fintech Summit on May 8.

The SEC lawsuit is completely incongruous with the progress other foreign countries have made in the regulation of cryptocurrencies. The United Arab Emirates (UAE) has put in place a financial regulatory framework for digital assets, while the European markets have implemented the MICA bill setting out measures similar to those of the UAE.

Garlinghouse has expressed regret over the fact that the U.S. has fallen behind significantly when compared with Ripple's recent expansions in the UAE. He believes the country has given more emphasis to politics rather than constructing policies that would have enabled the U.S. to keep up with the crypto regulations of other countries.

When asked for advice on how to proceed with setting up a business in the U.S, Garlinghouse suggested entrepreneurs to look for alternatives outside the country. According to him, this opinion is also echoed by many U.S. based companies and public firms.

This story is still in the process of development, with more information expected to come out in the future. It is clear, though, that the hefty legal expenses incurred by Ripple might not benefit the company in the long run, as the country continues to lag behind the rest of the world in terms of cryptocurrency regulations.



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