May 27, 2022

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Ripple Achieves ‘Strongest Year Ever’ Despite SEC Lawsuit Over XRP, Says CEO

Ripple Achieves 'Strongest Year Ever' Despite SEC Lawsuit Over XRP, Says CEO

Ripple has achieved the “strongest year ever” despite the lawsuit over XRP by the U.S. Securities and Exchange Commission (SEC), according to CEO Brad Garlinghouse. “Calling crypto the ‘Wild West’ is a farce,” he said, emphasizing that “most are complying with financial regulators globally.”

Ripple Has Best Year Despite SEC’s Lawsuit Over XRP

Ripple CEO Brad Garlinghouse talked about his company’s achievement and cryptocurrency regulation in a series of tweets Wednesday. He explained that despite the lawsuit over XRP, Ripple had the “strongest year ever.”

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against him, Ripple Labs, and co-founder Chris Larsen a year ago. The securities watchdog alleged that XRP should have been registered as a security.

While insisting that the SEC’s lawsuit against XRP “is an attack on crypto in the US, not just Ripple,” Garlinghouse detailed:

2021 has been a watershed year for crypto. Acceptance and awareness of the opportunity to bring billions of people into the global financial community has never been so clear. It’s been incredible to see a lot less ‘maximalism’, and many more builders joining the industry.

The CEO proceeded to outline Ripple’s progress over the year, such as launching new On-Demand Liquidity (ODL) corridors and its central bank digital currency (CBDC) solution. “All of this growth came from outside the US,” he opined.

Garlinghouse then noted that SEC Chairman Gary Gensler “has taken an aggressively anti-crypto approach and companies are already moving outside the US.” He asserted that “the SEC today won’t answer questions about the legal status of ETH, much less anything else,” elaborating:

Calling crypto the ‘Wild West’ is a farce – most are complying with financial regulators globally. This industry shouldn’t be punished for asking for regulatory clarity & regulation that is consistently applied with a level playing field.

What do you think about Garlinghouse’s comments? Let us know in the comments section below.