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Ripple Labs, the blockchain-based payments network closely associated with cryptocurrency XRP (XRP-USD), will have used $200M fighting a lawsuit from the U.S. Securities and Exchange Commission, CNBC reported Monday, citing an interview at the Dubai Fintech Summit.
In 2020, the SEC accused Ripple and two of its executives — CEO Bradley Garlinghouse and co-founder Christian Larsen — for violating the country’s securities laws by selling XRP (XRP-USD) through a digital asset securities offering without first registering the token as a security.
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