It looks as though Ripple will carry on with its activities in other countries even though it is still in a legal battle with the United States regulator, the Securities and Exchange Commission. The remittance payment company has been in a lawsuit with the regulator since last year after the SEC launched a new report claiming that the company hosted and sold unregistered securities, a claim that Ripple refuted furiously.
Despite Ripple refuting the claim, it did nothing as the regulator slammed them with a $1.3 billion lawsuit. In a recent statement,, newsmen, CEO of Ripple, Brad Garlinghouse, announced that they venture into Asia would not suffer a blow regarding their scuffle with the United States Securities and Exchange Commission.
Ripple CEO faults lack regulatory framework in the US
The CEO confirmed that even though the lawsuit has stopped so many of their projects across the United States, it has done no harm to them in countries outside the United States. Attributing their success in the Asian region to the clear standing of regulators, Garlinghouse noted that they had maintained a very cordial regulatory relationship with regulators in the space. Before now, Garlinghouse has been one of the vocal proponents for clear regulations in the United States of America regarding the crypto sector.
Going by recent activities, the Asian market has been one of the best backers of the firm, with the market showing solidarity for their native coin despite the lawsuit with SEC. During those periods, the adoption in the Asian market has been responsible for the recent rise in the price of the token.
Interestingly, Ripple has recently partnered with Japan-based firm SBI Holdings to form SBI Ripple, a joint-owned firm by the two parties. At present, Ripple is hoping to create a new payment structure for firms across the region, pushing its tentacles wider into the region.
Ripple has enjoyed success across Asia
The firm previously entered the sector to create a payments structure after teaming up with a FinTech company in Thailand, DeeMoney. Garlinghouse also talked about the recent effects of the halting and suspending the digital asset across the country when the SEC announced the lawsuit.
Garlinghouse mentioned that almost 200 exchanges across the globe have XRP on their exchange, showcasing the deep penetration that the crypto has enjoyed. Asides from crypto exchanges across the United States that have delisted the asset, hedge funds and investments such as Grayscale have liquidated their XRP holdings.
Garlinghouse, as of last year, pointed out that most of their wallet holders in the country had no asset in them amid moves outside the country if regulators fail to improve on their regulatory framework. As of now, both the CEO and Co-founder of the firm have filed a different motion to dismiss the cases against them. According to their attorneys, the Financials Crimes Network has initially recognized the asset as a virtual asset and not securities.