Brad Garlinghouse, who is the CEO of Ripple, has told in an exclusive interview that despite the SEC lawsuit, a consistent back draw for the company wanting to conduct business with no interference in the USA has not led to any scaling down of business in the Asia Pacific. The SEC lawsuit did smash the company with a $1.3 billion lawsuit claiming that the company is involved with unregistered security offerings in the form of XRP.
This SEC nightmare has been going at Ripple hard as many crypto exchanges serviced did take the XRP off of their list of crypto they serve; furthermore, MoneyGram having such an intensive alliance with XRP, pulled the brakes until this lawsuit could be resolved.
Regulatory Clarity in Asia is Like a Fine Breeze to XRP
Despite all this trembling mishap for XRP in the USA, which affected their business, there has not been any impact on the processing and expansion of business in the Asia Pacific, such as Japan, because regulatory clarity and authorities have worked out each and every eventuality to that effect.
According to the CEO, the SEC lawsuit is a threat to Ripple and the rest of the cryptocurrencies operating out there. A lack of a proper framework to work things out and the unavailability of rules to trade in crypto is what registers as the ultimate break in getting things done in the states. Not only the current but the previous CEO of Ripple has taken it to themselves to file consistent motions for the dismissal of the lawsuit because, like other cryptocurrencies out there such as Bitcoin and Ethereum, Ripple is also a cryptocurrency, but in the eyes of the SEC it is a security, and the whole lawsuit thing is a regulatory overreach by the SEC imposed on Ripple.
August 16, 2021, has come out to the light as the date until which both parties have time to make their arguments and present the courts with evidence. Until the date arrives, the Ripple’s fate remains unclear and staggering among the cold stormy waves created by the SEC lawsuit. But this has failed to stop Ripple from making enormous progress in the Asia Pacific markets, and it is still rolling out great.