A year has passed since a legal battle started between the blockchain platform Ripple and the Securities and Exchange Commission (SEC) which is far from over. Ripple CEO Brad Garlinghouse is optimistic about how Ripple performed in 2021.
Ripple CEO Believes it’s An Attack on Oppressing Crypto Innovation
According to a document filed on December 22, the SEC v Ripple case
is a regulatory challenge. It’s been a full year since the U.S. regulator filed a lawsuit alleging Ripple’s breach of security laws. The crypto industry is still waiting for its end. In a series of tweets, Garlinghouse reflected on the SEC’s actions, stating that this was not just an attack on Ripple, it was also stifling cryptocurrency innovation.
“Of all the shitty things in 2020, this was certainly one to cap the year Rolling on the floor laughing. But what I said then remains (painfully) true today: this is an attack on crypto in the US, not just Ripple. Some took the SEC’s allegations at face value/ thought this was a one-off, but no longer”
In re-examining the lawsuit, the CEO shifted his focus to ODL’s performance in the third quarter of this year. It’s worth noting that Ripple previously announced that with a 130% increase in transaction volume, on-demand liquidity and traction increased significantly.
Garlinghouse also mentioned the development of ODL corridors in Japan and the United Arab Emirates and its Central Bank Digital Currency (CBDC) solution backed by a private version of the public XRPL in partnership with Bhutan and Palau. He stressed that all of these developments are not local. In fact, the growth has its origins in other parts of the world.
The Lawsuit Continues As the Company Refuse to Give in
Garlinghouse continues to acknowledge that 2021 will mark a turning point in the entire field, as calls for “embrace and realize the opportunity” to bring billions of people into the global financial community has grown louder.
The executive reiterated the SEC’s double standards and the legal status of Ethereum. Ripple has previously questioned why XRP is considered illegal to sell, but the asset is no different from heavy industry assets like Ethereum and Bitcoin.
This fight is going to be a long one. But Stuart Alderoty, Chief Executive and General Counsel of Ripple chose to fight the case in courts and tribunals for public opinion rather than reconciling it. Judging by joining the legal team and some excellent lobbyists, Ripple doesn’t seem to give in and with the case entering its sophomore year, there are more things to be resolved.