A lawsuit against Ripple for cryptocurrencies in America amid its major expansion in Asia


CEO said Blockchain Ripple The payments specialist, she has not seen any repercussions in her business in the Asia-Pacific region after she was sued by the US Securities and Exchange Commission (SEC), according to Reuters.

In late December, the Securities and Exchange Commission mandated Ripple, which is linked to the cryptocurrency XRP, to conduct an unregistered securities offering of $ 1.3 billion.

Then Coinbase, the largest cryptocurrency exchange in the United States, closed trading on XRP, which is the seventh largest. Cryptocurrency In the world by market value.

“This (lawsuit) impeded activity in the United States but didn’t really affect what is happening to us in the Asia-Pacific region,” Ripple CEO Brad Garlinghouse told Reuters in a video interview from California.

“We have been able to continue growing business in Asia and Japan because we have regulatory clarity in those markets,” he said, adding that he is not aware of any exchange outside the US that has stopped trading XRP.

XRP is traded on more than 200 exchanges around the world. He said that only three or four exchanges in the United States had stopped trading.

Garlinghouse was one of two company executives that the US Securities and Exchange Commission (SEC) claimed in December that they had personally acquired about $ 600 million from the unregistered offer.

Financial regulators around the world are looking to determine how to regulate the cryptocurrency industry.

The result of their assessments could determine whether cryptocurrencies will grow into major assets or remain niche products.

Gary Gensler, President Joe Biden’s nominee to lead the Securities and Exchange Commission, promised during the confirmation session in Congress to provide “guidance and clarity” to the cryptocurrency market.

While Bitcoin is considered a commodity by US financial regulators, most other cryptocurrencies have yet to be classified as commodities or securities.

Garlinghouse said Ripple has signed more than 15 new contracts with banks worldwide since the SEC filed their lawsuit, adding that he believed the lack of clarity in the US was a “barrier” to innovation.

“We see XRP liquidity activity growing outside the US and continuing to grow in Asia and certainly in Japan,” he said.


Please enter your comment!
Please enter your name here