Crypto influencer Lark Davis has expressed his opinion on Ripple's $200 million expenditure on its legal battle with the SEC. According to Davis, Ripple's decision to spend such a huge amount on the lawsuit is "dumb." However, he later clarified that he supports Ripple and wants it to win the case.
This is actually a supportive comment as I think the whole lawsuit is a massive waste. I am rooting for Ripple to win.— Lark Davis (@TheCryptoLark) May 9, 2023
Ripple's decision to spend $200 million on the lawsuit has drawn mixed reactions from the crypto community. While some believe it is a waste of resources, others argue that it is necessary for the company to defend itself and protect its interests.
Thus, Silicon Valley entrepreneur Jason Calacanis stated that it would have been a simple task for Ripple's team to register the currency as a security and operate within industry regulations, like other companies. He also voiced his view that XRP is undoubtedly a security.
The impressive figure of $200 million was revealed yesterday by Ripple's CEO. At the Dubai Fintech Summit, Brad Garlinghouse said that the crypto company has already spent hundreds of millions of dollars on a lawsuit with the U.S. Securities and Exchange Commission.
Furthermore, Garlinghouse proclaimed at the summit that Ripple intends to initiate its operations in Dubai. He claimed that the U.S. is trailing behind in the regulation of digital assets compared to the UAE and the European Union. Hence, it is illogical to conduct any crypto business there presently. The entrepreneur also stated that Ripple has already established a vast network of contacts in the Middle East and North Africa.