Ripple CEO Brad Garlinghouse is convinced that problems with the SEC lawsuit will not hamper the company’s plans to expand into Asian markets.
Ripple is still at the crossroads of a $1.3 billion lawsuit with the United States Securities and Exchange Commission. But this does not affect the optimism of the company’s CEO.
Brad Garlinghouse said the problems with the US financial regulator did not have a negative effect on the Asia-Pacific region.
In December last year, the SEC accused Ripple and its management of violating the law when trading XRP between 2013 and 2020.
Despite the disagreements in the United States, the company managed to continue to successfully develop its business in Japan and Asia in general. The CEO of Ripple attributes this to the fact that there is a clearer picture of financial regulation in the Asian markets. Considering the joint venture with Japan’s SBI Holdings, Garlinghouse’s claims sound compelling.
In March last year, the blockchain firm continued its conquest of the Asian market by partnering with Thai-based DeeMoney. The director of Ripple clarified that the share of their clients living in the United States at the moment is only 5%. Against this background, the company is already considering a potential move outside America if the regulatory environment does not become more favorable.
Brad Garlinghouse and Chris Larsen have now filed a motion to dismiss the case. The executive’s lawyers argue that the sale of XRP cannot be classified as a sale of securities. In addition, the US Department of Justice has previously designated the Ripple token as a virtual currency.
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