RippleNet Demand Grows 8x Despite SEC Lawsuit
Categories: Crypto News US
CEO Talks SEC Lawsuit Garlinghouse sat down with Bloomberg and spoke at length about his company’s legal battle with SEC that has been ongoing since December 2020. The main dispute in this lawsuit is whether or not XRP was sold to investors as an unregistered security, which lies in whether XRP is a security. According to Garlinghouse, the team has already assumed a worst-case scenario and is functioning accordingly. XRP Flourishing Outside US The SEC vs. Ripple trial has seen several twists and turns. One of the more noteworthy moments in the courtroom happened when judge Analisa Torres rejected motions filed by both the SEC and the Ripple team amidst other mostly-Ripple-favorable rulings dealt out in court. The CEO also revealed that the team has been focusing on its operations outside the country, and the company has been hiring prolifically outside of the US. Therefore despite the lawsuit crippling Ripple’s US operations, XRP is experiencing record growth solely based on its global operations. CEO, Lawyer Call Out SEC Garlinghouse pointed out that the demand for RippleNet has grown eight times in the one year from Q1 of 2021 till Q1 of 2022, which indicates that the trial proceedings have not deterred XRP’s growth. RippleNet, which is the core product offering from Ripple, is a global digital payments platform operating in over 55 countries.