Brad Garlinghouse says the company has already spent about $200 million on litigation costs during its years-long fight with the U.S.
Securities and Exchange Commission (SEC). U.S. entrepreneur Jason Calacanis responded by saying that it would make more sense for Ripple to register XRP as a security, as required by the SEC, and then comply with the agency’s rules like “everyone else.”
Garlinghouse questioned Kalakanis’ knowledge of securities laws. Ripple executive found it embarrassing and amusing that the U.S. still doesn’t have rules that crypto-asset issuers must follow.
But the public has already made a habit of making provocative statements and opinions on topics about which it lacks knowledge, Garlinghouse quipped.
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John Deaton, the lawyer who defended XRP’s owners, also criticized Kalakanis for what he said. According to the lawyer, XRP is a line of software code that cannot be registered under current U.S. laws.
Deaton asked the rhetorical question: where are other blockchains such as Etherium, Cardano, Algorand and Stellar registered?
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Venture capitalist Jason Calacanis has always been an opponent of cryptocurrencies and has been skeptical of them.
A few years ago he called most cryptocurrency projects “garbage created by unqualified idiots.”