Ripple CEO Brad Garlinghouse shared his thoughts on the growth of Ripple’s RippleNet amid lawsuit action in the United States.
Ripple is a San Francisco-based Fintech firm and this firm is currently available in almost every country to facilitate payment transactions for businesses with the use of its XRP ledger and XRP token liquidity. But due to legal fights, Ripple is prohibited to operate its operations in many states of the US.
On 27 April, Brad Garlinghouse, CEO of Ripple firm, appeared in an interview with Bloomberg. In the interview, Ripple’s boss said that Ripple is enjoying growth despite the restriction of its trade and associated services in the US.
Brad noted that the US regulatory body SEC only misguided people about the nature of XRP as “unregistered security” because XRP is continuously showing record growth.
“Unfortunately, Ripple is operating in a world as if we have lost. In the United States, XRP, for all purposes there’s no liquidity. It has been halted and frozen on most US-based exchanges.”
Ripple’s boss also said that the company is continuously hiring from non-US regions and also more than 95% of payment services are available and under use for non-US companies. So the CEO indirectly tried to say that if the XRP token will face failure against SEC then still its business will not face any big issues.
On the demand of RippleNet, Brad noted that demand surged by around 8 times from Q1 2021 to Q1 2022. Right now RippleNet’ Offerings are available in 55 countries.
” So from Q1 last year to Q1 this year, it grew 8x. And that’s on a base already measured in billions.”
Ripple CEO raised his concerns against the US SEC agency and he said that it is disappointing that the SEC agency is creating a situation for this leading Fintech firm to hire talents from the US.
Ripple vs SEC
In December 2020, the US securities and exchange commission (SEC) filed a lawsuit against Ripple firm. Through the lawsuit action, the SEC agency claimed that Ripple’s XRP token is a security, which is unregistered with the SEC agency and also the SEC claimed that Ripple’ More than $1.3 billion worth of XRP token sale publicly was illegal.