Ripple Nearly Shut Down After 2020 SEC Lawsuit, CEO Reveals

Ripple CEO Brad Garlinghouse revealed that his company considered shutting down after the U.S. Securities and Exchange Commission (SEC) sued Ripple in December 2020.

The lawsuit claimed that Ripple offered securities in the form of XRP tokens, which led to exchanges delisting XRP and Coinbase suspending trading.

Ripple CEO Brad Garlinghouse stated that while challenging the claims was tough, folding their business would have been the worst result for the company.

The case changed the discourse around regulations in the entire cryptocurrency industry, with many companies following the court proceedings with interest.