Ripple CEO Brad Garlinghouse talked about his company’s achievement and cryptocurrency regulation in a series of tweets Wednesday
Ripple CEO Brad Garlinghouse talked about his company’s achievement and cryptocurrency regulation in a series of tweets Wednesday. He explained that despite the lawsuit over XRP, Ripple had the “strongest year ever.” The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against him, Ripple Labs, and co-founder Chris Larsen a year ago. The securities watchdog alleged that XRP should have been registered as a security.
Garlinghouse claims that the XRP-powered On-Demand Liquidity solution now accounts for a fourth of the U.S. dollar-denominated volume processed by the RippleNet network. ODL transactions have experienced a 25-fold increase since the third quarter of 2020. Ripple has also opened new ODL corridors in Japan and the UAE. On top of that, Bhutan and Palau have partnered with the distributed ledger tech provider. And it’s in order to help them launch their national digital currencies. In March, Ripple announced the launch of a private version of the XRP Ledger specifically designed for central banks.
Garlinghouse also mentioned that the market has been able to naturally rid itself of maximalism. Because 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.
While insisting that the SEC’s lawsuit against XRP “is an attack on crypto in the US, not just Ripple,” Garlinghouse detailed: 2021 has been a watershed year for crypto. Acceptance and awareness of the opportunity to bring billions of people into the global financial community has never been so clear. It’s been incredible to see a lot less ‘maximalism’, and many more builders joining the industry.
Garlinghouse then noted that SEC Chairman Gary Gensler “has taken an aggressively anti-crypto approach and companies are already moving outside the US.” He asserted that “the SEC today won’t answer questions about the legal status of ETH, much less anything else,” elaborating: Calling crypto the ‘Wild West’ is a farce – most are complying with financial regulators globally. This industry shouldn’t be punished for asking for regulatory clarity & regulation that is consistently applied with a level playing field.
