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- 2021 has proven to be the best year for Ripple in spite of the lawsuit against SEC, says Brad Garlinghouse, CEO of Ripple.
- XRP is a public cryptocurrency, trading since 2013 in the crypto market, and must be a registered security.
- Due to the discontinuation of Ripple trading in the US in 2021, Ripple CEO shifts the subject to SEC and his concerns regarding the agency’s extending remit, as it can kick the Web3 concept out of the nation.
Brad Garlinghouse celebrates the strongest year for Ripple as it marks the 1 year anniversary for the Ripple vs. SEC lawsuit. Ripple Chief has used the Twitter handle again to strike SEC again, announcing that Ripple experienced its ‘Strongest Year Ever.’
Ripple Should have been Enlisted as a Security
The latest statement by the Ripple CEO jogs the memory of citizens that the Ripple vs. SEC lawsuit was filed a year ago asserting that, “a public crypto that has been trading on the open market since 2013 – should have been registered as a security.” Brad Garlinghouse also stated that “Of all the shitty things in 2020, this was certainly one to cap the year Rolling on the floor laughing. But what I said then remains (painfully) true today: this is an attack on crypto in the US, not just Ripple.”
The year 2021 was a turning point for the crypto market, according to the Ripple CEO, as no one thought that the crypto market holds the potential to make billions of people on board, but it seems possible now. Garlinghouse appreciated the increasing number of builders getting connected with the crypto sector and the decrease in “maximalism.” It is believed that a single cryptocurrency will be required in the future and will be given the highest position above the rest of the cryptocurrencies. Bitcoin is the first choice for maximalists in this.
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Talking about Ripple Labs’ performance, 2021 has proven to be the organization’s strongest year. On-Demand Liquidity payments based on XRP are responsible for RippleNets 25% volume, and ODL transactions have increased by 25 times from last year’s Q3 and 130% QoQ.
Original announcement regarding ODL volumes in October mentions how the uncertainty in regulations in the US stopped ODL flow in the market. However, the global ODL volume is proliferating and has grown more than 2500% since last year’s quarter.
“Not to mention new ODL corridors like Japan and UAE, and our CBDC solution built on a private version of the public XRPL partnering with Bhutan and Palau! All of this growth came from outside the US for (sigh) obvious reasons…,” Garlinghouse stated.
“Strategic Ambiguity” of SEC Might Push Web3.0 Away
Ripple CEO shifted the subject to SEC and his concerns associated with the agency’s extending remit due to discontinuation of Ripple Trading in the US in 2021, as it might push the concept of Web3 away from the nation.
“GaryGensler seeks to expand its remit, he has taken an aggressively anti-crypto approach, and companies are already moving outside the US. Web2 was built with many American companies…. Is the agency actually living up to its mission of protecting investors w/ regulation by enforcement & what @HesterPeirce calls “strategic ambiguity”? Stated GarlingHouse, “This holiday season – let’s take the time to reach out to our elected officials in Congress, so they understand the need to act now. I hope the industry gets some answers instead of another lump of coal,” concluded Garlinghouse.
“The battle is just the beginning,” warned Ripple CEO Garlinghouse in his initial anniversary statement.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
