Ripple CEO on Considering Shutdown Amid SEC Lawsuit
Ripple's CEO Brad Garlinghouse revealed that he and co-founder Chris Larsen contemplated shutting down the company and distributing XRP to shareholders due to a 2020 SEC lawsuit. Instead, they chose to fight the legal battle, which cost $150 million but ultimately led to a favorable ruling from a federal judge, as reported by CoinDesk.
Ripple Chief Executive Brad Garlinghouse disclosed that he and co-founder Chris Larsen seriously considered dissolving the company and distributing its XRP holdings to shareholders after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in 2020. Garlinghouse mentioned that they feared losing hundreds of jobs if they opted for shutdown, which prompted their decision to engage in a protracted legal battle.
Garlinghouse characterized the choice to combat the SEC as the more complicated path, considering the agency's extensive resources and capabilities. Although they could have easily ended the case by terminating the company, Garlinghouse reflected on the choice positively, stating, "I'm glad in retrospect, but that was not obvious at the time."
The SEC accused Ripple of selling XRP as an unregistered security, directly implicating Garlinghouse and Larsen. Throughout 2017 to 2019, Garlinghouse engaged with SEC officials without legal representation and claimed that no indication was given that XRP might be treated as a security. This experience, he noted, underscored the lack of clear regulatory guidelines, which shaped his and the company’s view on the legality of XRP.
Ripple ultimately prevailed in court when Judge Analisa Torres ruled that XRP itself does not qualify as a security. The legal saga concluded in May of last year, coinciding with a transition in SEC leadership that has adopted a more lenient approach toward cryptocurrency regulation.
Summary based on original reporting by Shaurya Malwa at CoinDesk, originally published Jul 12, 2026. SolanaWire does not republish source content.
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