Ripple’s Asia-Pacific business remains unaffected by SEC lawsuit

Ripple’s Asia-Pacific business remains unaffected by SEC lawsuit

By Sir Loin | The Crypto Shenanigans | 8 Mar 2021


Ripple CEO Brad Garlinghouse told Reuters on Friday that the company's Asia-Pacific business was unaffected by the current regulatory problems in the United States.

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Ripple is facing a $ 1.3 billion lawsuit from the US Securities and Exchange Commission (SEC). In December, the SEC accused Ripple, the creators of the XRP cryptocurrency of the same name, and its top managers of selling unregistered securities since 2013.

The company denies these allegations, which hasn't stopped a number of US crypto exchanges, including Coinbase, from delisting XRP.

Garlinghouse, who is accused of personally raising up to $ 600 million from an unregistered XRP sale in an ICO, told Reuters in an interview on March 5 that “the lawsuit obstructed the company's operations in the United States, but did not affect business in the Asia-Pacific. region. We were able to continue to develop our business in Asia and Japan because we had a clear regulatory framework in these markets.

According to Garlinghouse, XRP is still traded on 200 crypto exchanges. According to Coinmarketcap, XRP is traded on 639 exchanges, but the largest coin trading volumes come from 5 major exchanges. Binance, Upbit, Bitfinex, Digiflex, and FTX.

Garlinghouse said his company has signed more than 15 new contracts with banks around the world since the SEC filed its lawsuit.

We see XRP liquidity activity picking up outside the United States and continuing to rise in Asia, especially Japan,” he said.

During the XRP delisting, the Ripple CEO stated that he is not aware of any exchange outside the US that has stopped trading the token.

Of course Garlinghouse is disingenuous. Trying to show that the whole world does not care about SEC decisions, he cited the number of 15 banks. Why not 30 or 5? Yes, just 5 is not enough, 30 is too much. There are no such large banks that would be indifferent to the opinion of the American regulator. Most likely, there were no new contracts; in the context of a lawsuit with the SEC for $ 1.3 billion, Ripple could have contracts only with banks in North Korea, Venezuela or Iran.

I have been hearing about the contracts concluded by Ripple Labs for 7 years. If I sum up all the company's press releases during this period and add up all the contracts concluded, then there simply would be no banks on the planet that would not have signed contracts with Ripple.

In order to understand that this is all a bluff, just look at Ripple's annual report. There, the company has almost no income, except for those that periodically arise from the sale of XRP on exchanges. The XRP rate did not go to zero only because of the huge army of its fans, who have been holding large deposits in coin for years and are still waiting for a rocket.

I wish them patience.



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