By Shelly Melancon (Switzerland)
Brad Garlinghouse, the co-founder of Ripple, took to Twitter to reveal that the company has had its best year yet in the face of prosecution from the United States Securities and Exchange Commission (SEC). Though the company may be in the midst of a legal tussle with the regulator on the international scene, they have witnessed a lot of successes. In his first tweet of the thread, the Ripple Chief reminded followers that it was now a year since the legal woes began.
Garlinghouse said that this time last year, the SEC had sued the company, himself, and his co-founder, Chris Larsen. The SEC complaint claimed that Ripple’s native token, XRP ought to have been registered as a security. However, he added that he still believes in his conclusions at that time that this was a coordinated attack on cryptocurrencies in America, not Ripple alone.
2021 The Year Of Crypto
However, the Ripple Chief acknowledged that 2021 had been a miracle year for blockchain technology. Garlinghouse lauded that stakeholders have started recognizing the potential economic inclusion that the emerging market held. In addition, he cited the fact that there were fewer maximalists in the ecosystem than before.
Garlinghouse revealed with excitement that Ripple was not left out of this boom, which was the company’s record year. He cited that its global payment network RippleNet has seen over a quarter of its payments done in XRP. In addition, the company saw spikes in On-Demand-Liquidity (ODL) transactions compared to the previous fiscal quarter.
The crypto executive also expressed delight at the penetration they are getting into the middle east and Asian markets. He added that the company had been instrumental in facilitating the minting of CBDCs for two different governments. However, he hinted that these types of progress were not being recorded in the United States due to the SEC’s stance.
Arguments For Better Regulation
He addressed that the SEC has continually expanded its scope under the present leadership. In addition, he said that the SEC’s approach towards regulation was pushing viable crypto businesses away from the States. Finally, he explained that while America has a certain hegemony in the current phase of the Internet, it might not be the same with the coming decentralized web.
Garlinghouse questions the continuous refusal of the SEC to respond to questions regarding regulations and legal frameworks. He questioned if the regulator was living up to its bill. He pointed out its lack of clarity as antithetical to its proposed goals.
The Ripple topman said that the SECs claim that the crypto world disregarded rules was unfounded. He added that crypto firms were compliant with regulations. Brad rounded the statement by positing that crypto firms do not deserve punishment for requesting a clear regulatory framework.
Brad called on his followers to engage legislators on these issues. He implied that the situation was pressing and a threat to American dominance. Many crypto stakeholders hope for better body language from the government regarding blockchain technology next year.
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