Ripple’s CEO Claims SEC’s Lawsuit Didn’t Affect Business In Asia Pacific

Ripple’s CEO claims SEC’s lawsuit didn’t quite affect business in the Asia Pacific region as per the interview that we are reading more about in our latest Ripple news.

Ripple’s CEO claims while speaking to Reuters that the company is growing in the Asia Pacific region despite the SEC Legal battle against his company and the executives. The past four months were some of the toughest for Ripple as the company was slammed with a $1.3 billion lawsuit by the US SEC as the regulator claimed Ripple and its executives conducted an unregistered Securities offering using XRP.

The news of the lawsuit spurred panic and some major crypto exchanges offered services to US Clients and immediately delisted XRP from their platforms. Ripple’s partner Moneygram even stopped cooperating with Ripple after the SEC fiasco. The price of XRP was hit the hardest and suffered severely with the once third-biggest crypto by market cap now ranking seventh on CoinMarketCap.

Despite the mishap in the US, Garlinghouse noted that ripple continued operations without hassle across Asia especially in Japan thanks to the regulatory clarity in the region. The lawsuit hindered most of the activity in the United States but it hasn’t impacted what’s going on for Ripple in the Asia Pacific as Garlinghouse said:

“We have been able to continue to grow the business in Asia and Japan because we’ve had regulatory clarity in those markets.”

Garlinghouse thinks that the lack of a clear regulatory framework for cryptos in the United States is a hindrance to innovation and that the lawsuit launched by the SEC is an attack on all crypto but he said that Ripple won’t let the regulator bully the entire industry.  The CEO along with the co-founder Chris Larsen filed two separate motions and called for the dismissal of the lawsuit against the company. Garlinghouse described the SEC Action as a regulatory overreach while Ripple and its executives wanted the regulators to treat XRP as a virtual currency just like ETH And BTC, however, the SEC insists that it is a security.

With the settlement being unlikely at this point, both parties agreed to August 16, 2021, as the discovery phase deadline where they will present all evidence and argument.