Ripple signed 15 new customers since the SEC lawsuit as the founder of the company Brad Garlinghouse noted, so we are reading more about it in today’s Ripple news.
The US Securities and Exchange Commission launched a $1.3 billion lawsuit against Ripple but the company didn’t stop making new customers and apparently, Ripple signed 15 new customers after the lawsuit was launched. In late December, the regulator alleged that the company raised $1.3 billion in unregistered securities offerings since 2013 but the company remained optimistic and said that “team Ripple will take on the year.”
Despite being hit with the SEC lawsuit, blockchain payments company Ripple is growing and signs new customers as Brad Garlinghouse noted:
“2020 was a banner year for Ripple, despite a disappointing ending related to U.S. regulation (understatement?). We processed millions of RippleNet [transactions], grew [on-demand liquidity] 12x [year-over-year] and signed 15 new customers after the SEC complaint.”
2020 was a banner year for @Ripple, despite a disappointing ending related to U.S. regulation (understatement?). We processed millions of RippleNet txns, grew ODL 12x YoY and signed 15 new customers after the SEC complaint. 1/3 https://t.co/2efIQDojU7
— Brad Garlinghouse (@bgarlinghouse) January 25, 2021
The latest post from the San Francisco-based company covers a few topics including the blurring lines between banking and crypto as well as the expected changes in the DeFi market structure. What’s even more pressing in light of the SEC legal action against Ripple, is that statement on regulatory clarity as the report didn’t address the SEC issue right away but Ripple hopes that the new Biden administration will be more sympathetic to the cause of crypto. Joe Biden has become the 46th President of the United States and he is in the process of selecting his new cabinet. He already confirmed the US SEC Chairman role for the Head of The Commodity futures Trading Commission will be Gary Gensler.
With that said, the stage is set for Ripple to enter a new collaborative relationship with the new presidential administration. Ripple’s CEO Brad Garlinghouse congratulated Gensler and said he is open to working with the new administration to take the US Crypto industry forward. In the weeks before the SEC filing against Ripple, both Chris Larsen and Brad Galringhouse were quite vocal about the frustrations of the lack of clarity which even led to ripple into leaving overseas. However, Ripple’s team shows that they have high hopes of getting regulatory clarity.
Ripple has a huge stake in XRP Which is the fifth-biggest cryptocurrency by market cap and this caught the SEC’s attention. The agency sued Ripple Labs in December and two of its executives for more than $1 billion in relation to the alleged sales of unregistered security or the XRP token. Barr is no longer listed as an advisor to the company but ripple didn’t respond immediately for comment.
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