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. Ripple has made plain that XRP ( XRP-USD ), which Ripple uses to power its offerings, should be considered a digital currency instead of a security. The company, in turn, has been disputing the SEC's claim. “You have video footage of the chair of the SEC, as a professor at MIT, saying 75% of these digital assets are commodities,” Garlinghouse told CNBC . “And now he says they’re all securities because he’s the head of the SEC and he’s seeking power and he’s putting power ahead of sound policy to grow an economy in the United States.” More on Ripple and XRP Blockchain firm Ripple sells $361M worth of XRP coins during Q1 Ripple February Update: ODL Data, Buyback Theory, LBC Price Surge, SEC Final Arguments
