Chief Executive Officer Ripple: Ripple considered closing the company and allocating XRP to shareholders

On 12 July, Ripple Chief Executive Officer Brad Garlinghouse stated that he and the co-founder Chris Larsen had seriously considered closing down the company and allocating the XRP they held to shareholders after the SEC filed an indictment in 2020. Garlinghouse states that they chose to fight the SEC instead of closing down the company, that the decision saved hundreds of jobs but allowed Ripple to pay about $150 million in legal fees over four years. Ripple eventually won the case after the federal judge ruled that XRP was not a security in itself. The case was settled last year following a change in the SEC leadership, which took a more liberal position on encrypted currency。