According to a Reuters interview with CEO Brad Garlinghouse, Ripple has managed to secure 15 new contracts with banking institutions around the world since getting sued by the U.S. Securities and Exchange Commission in late December.
The blockchain payments firm Ripple has not experienced any fallout in its Asia Pacific business after being sued by the SEC said CEO Brad Garlinghouse on Friday. Ripple has endured the wrath of the SEC since late December 2019 when they charged the company with conducting a $1.3 billion unregistered securities offering.
Garlinghouse said;
“It (the lawsuit) has hindered activity in the United States, but it has not really impacted what’s going on for us in Asia Pacific,”
“We have been able to continue to grow the business in Asia and Japan because we’ve had regulatory clarity in those markets,” he said, adding that he did not know of any exchange outside the United States that had halted XRP trading.
“XRP is traded on over 200 exchanges around the world. It’s really only three or four exchanges in the United States that have halted trading,” he said.
Ripple has signed more than 15 new contracts with banks globally since the SEC brought its lawsuit, Garlinghouse said, adding that he believed the lack of clarity in the United States has been a “hindrance” to innovation.
“We’re seeing the activity of XRP liquidity has grown outside the United States and continue to grow in Asia, certainly in Japan,” he said.
As a point in fact, there has not been much congressional leadership in building the cryptocurrency market.
Hopefully, Gary Gensler, President Joe Biden’s nominee to lead the SEC will help with regulatory clarity. But the lack of clarity is entirely due to the lack of congressional leadership.
The US Congress should be leading and building the regulatory framework, including leading the charge with the SEC and enforcing the laws and guidelines.
