Ripple CEO says company considered shutting down amid SEC lawsuit

Ripple CEO Brad Garlinghouse revealed that the company considered shutting down when the U.S. Securities and Exchange Commission (SEC) filed its lawsuit in 2020. Speaking on a podcast, Garlinghouse stated that he and co-founder Chris Larsen had seriously discussed liquidating Ripple and distributing its XRP holdings to shareholders based on their equity. However, after extensive deliberation, they chose to keep the company operational and fight the lawsuit, a decision that protected the jobs of hundreds of employees. He added that the legal battle, which has spanned nearly four years, has cost the company approximately $150 million in legal fees.