Ripple scores its best year ever despite SEC lawsuit


TL; DR Breakdown

  • Ripple records its best year despite SEC tussle
  • The company registered an increase in its ODL usage
  • Garlinghouse wants regulators to do better

Yesterday marked exactly one year since the Brad Garlinghouse led Ripple began a legal tussle with United States regulator, the Securities and Exchanges Commission. Taking to Twitter, the company’s CEO dedicated some series of tweets to talk about his company. He also took time to discuss regulations and how his company has been able to manage them. In his tweets, Garlinghouse noted that despite the company’s lengthy court sittings with the SEC, Ripple finished with the best year in its entire history.

Ripple registered an increase in its ODL usage

In one of his numerous tweets on the microblogging platform, Garlinghouse mentioned that he was proud to say that this was the company’s strongest year despite the setbacks. In terms of ODL based on the Ripple network, they accounted for about 25% of the payments. Presently, ODL payments are now 25x what they used to be in the last quarter of 2020. In the lawsuit that Garlinghouse and fellow co-founder Chris Larsen have had to battle over this year, SEC accused them of listing securities without due process.

However, Garlinghouse mentioned that the SEC was going after digital assets across the United States because everyone knows XRP is a digital asset. Garlinghouse, in a statement, said that 2021 signaled an excellent year for crypto ownership and adoption. More than billions of people have now entered the market after seeing how they can help them achieve their aim.

Garlinghouse wants regulators to do better

Garlinghouse also mentioned that the market has been able to naturally rid itself of maximalism as most people entering now want to build. The CEO, in his tweets, also mentioned a list of what the company has been able to achieve in the last year. Ripple launched a solution for central banks worldwide who were mulling the idea of a Central Bank Digital Currency.

However, the boss noted that most of the wins and growths that the company recorded were seen outside the United States. The Ripple CEO also mentioned that Gary Gensler should soften his regulation approach as more companies seek a haven outside the United States. He noted that even though the SEC was developed in the same way they made the XRP, the SEC has refused to look into its legality.

Garlinghouse said the crypto sector could never be likened to the Wild West because companies adhere strictly to spelled out regulations while carrying out their activities. Garlinghouse finished his statement by saying that no one should be punished in the market for knowing how precise the law is.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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