March 5, 2021 / news

Brad Garlinghouse: Regulator’s Lawsuit Did Not Affect The Expansion Of Ripple In Asia And Japan

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Since the SEC sued Ripple, Garlinghouse has signed contracts with 15 new banks.

SEC lawsuit did not affect the expansion of Ripple in the Asia-Pacific region in any way. The head of the blockchain company, Brad Garlinghouse, spoke this in an interview with Reuters.

“This [lawsuit] is interfering with US activities, but it hasn’t really affected what happens to us in the Asia-Pacific region. We have continued to develop our business in Asia and Japan because there is regulatory clarity in those markets, ”Garlinghouse says.

  • SEC accuses Ripple of an unregistered sale of securities under the guise of XRP tokens worth $ 1.3 billion. Amid a conflict with the regulator, many cryptocurrency exchanges, including Coinbase, Bitstamp, and Bittrex, have restricted XRP transactions on their platforms. Ripple’s longtime partner, the payment company MoneyGram, also refused to use the token.
  • However, according to Brad Garlinghouse, XRP is traded on more than 200 cryptocurrency exchanges, and since the SEC sued Ripple, the company has signed contracts with 15 new banks. The executive notes that the volume of transactions in XRP has grown outside the US and continues to grow in Asia and Japan.
  • Financial Services Agency (FSA) of Japan – the agency that regulates the local securities market – recognized XRP as a cryptocurrency in mid-January.  Garlinghouse’s company is also supported by the financial holding Nomura and the conglomerate SBI Holdings in the country.

Brad Garlinghouse filed a motion with the court on Thursday to dismiss the SEC’s claim. In his letter, the head of Ripple called the complaint unfounded and accused the regulator of abuse of power.

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