ripples xrpusd ongoing legal battle with the united states securities and exchange commission sec has already cost the company a staggering 200 million according to its ceo brad garlinghouse speaking at the dubai fintech summit on may 8 garlinghouse shared his concerns about the lack of regulatory progress in the us compared to advancements in the united arab emirates and the european unions recent markets in cryptoassets mica bill cointelegraph reported garlinghouse expressed disappointment in the us for falling behind in regulatory clarity as ripple seeks growth in markets like the united arab emirates he criticized the us for prioritizing political interests over policymaking also read binances congestion cataclysm bitcoin ether pepe and sui caught in the crossfire in advising entrepreneurs garlinghouse often recommends against launching businesses in the us a view he believes is shared by many domestic firms he stressed the importance of establishing a welldefined regulatory framework for cryptocurrencies in the us noting that the majority of those working in the cryptocurrency and blockchain industries are willing to abide by the rules if they are clearly outlined the sec filed its lawsuit against ripple in december 2020 alleging that the company had unlawfully sold xrp tokens as unregistered securities ripple has consistently denied the allegations asserting that its actions do not meet the definition of an investment contract under the howey test the protracted legal dispute has presented significant challenges for ripple in the us market over the past two and a half years garlinghouse anticipates a verdict from the presiding judge within the next three to six months