Ripple CEO Brad Garlinghouse summed up the outgoing year and said that the litigation with the SEC did not interfere with the successful development of the company.
series of tweets Brad Garlinghouse reminded users that a year ago, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple. The regulator claims that the XRP coin, which has been trading on the open market since 2013, must be registered as a security. According to Garlinghouse, SEC’s lawsuit was “the worst of all things” to him and the company over the past year.
Earlier, the head of Ripple called the SEC’s actions an attack not only on XRP, but on all cryptocurrencies. Garlinghouse does not give up on his words, as they remain true today. He explained that some cryptocurrency firms considered the SEC proceedings with Ripple a one-off case, but now this is far from the case. For example, in September, the department accused three companies at once of conducting unregistered ICOs.
Garlinghouse said SEC Chairman Gary Gensler is seeking to expand his sphere of influence with an aggressive “anti-crypto” approach. Therefore, many digital asset firms are forced to leave the United States. “Web2 was created by many American companies, which is now not the case with Web3,” Garlinghouse wrote.
“Ignoring its previous statements, today the SEC does not answer questions about the legal status of the ether, let alone other altcoins. Is the agency really fulfilling its mission of protecting investors through enforcement? ” – asks Garlinghouse.
He believes that it is absurd to compare cryptoassets with the “Wild West”, since most cryptocurrency projects comply with the requirements of financial regulators. The industry should not be punished for requiring clarity on a country’s regulatory framework, which applies to cryptocurrency firms in the same way as traditional financial institutions. Garlinghouse announced the need to interact with the US Congress for lawmakers to take action now.
Garlinghouse noted that 2021 was a “watershed” year for the cryptocurrency industry, as the acceptance and awareness of the possibilities of digital assets has never been so clear – the cryptocurrency community attracts billions of people. According to Garlinghouse, over the past year, there has been a lot less maximalism regarding cryptocurrencies, and the number of developers joining the industry is growing.
“I am proud to say that this has been the most successful year for Ripple. On-Demand Liquidity payments using XRP account for 25% of RippleNet’s volume, and ODL transactions are up 25x Q3 2020 and 130% QoQ, ”Garlinghouse tweeted.
He also mentioned the launch of ODL money transfer service in Japan and the United Arab Emirates (UAE). In addition, one of the positive aspects of this year, Garlinghouse called Ripple’s collaboration with the government of the Republic of Palau to develop a state-owned stablecoin pegged to the US dollar, which uses XRP Ledger technology to create.