Cryptocurrency News

Ripple’s CEO Says SEC’s Tussle is Not Affecting Asian Expansion

It has been a while since the dispute between the United States SEC and Ripple has been going on in front of the court. There are possibilities that as a result of the lawsuit filed by the SEC, Ripple may end up paying a huge fine.

It is currently being speculated that Ripple may end up paying a huge fine of $1.3 billion against the lawsuit that the Securities and Exchange Commission of the United States has filed against it.

As a result of the lawsuit filed against Ripple by the SEC, the digital asset company ended up facing a huge loss. The company’s market capitalization saw itself plunging all the way down to below $10 billion while it was flying above the $130 billion figure before the lawsuit.

Not just that but Ripple (XRP) was ranked the 3rd largest cryptocurrency in the entire crypto-verse in terms of market capitalization. Even the analysts and commentators had thought of the worst, Ripple has still managed to hold its ground.

The company has not been affected as badly as it was expected to be. Just recently, the CEO of Ripple has stated that despite the lawsuit fight with the SEC, Ripple’s business and investments have been somewhat normal.

The company has continued doing its business in other parts of the world as usual and is aiming to keep it that way.

Garlinghouse, who is the CEO at Ripple shared the current position of the company with one of the crypto-reporting firms “Reuters” on Friday, March 5, 2021.

Garlinghouse stated that it would be unwise to say that Ripple’s business has not been affected in the American region due to the lawsuit. However, he can confirm that the company’s business has not been affected at all outside of the American region.

He stated that despite all the drama taking place between Ripple and the SEC in the United States, the business for Ripple in Asia (APAC) is going as usual.

He added that if they go with the stats and figures, Ripple’s business in the APAC region has expanded greatly since the company started focusing on this part of the world.

There were many analysts and even the company representatives that had expected they would get a blowback even from the APAC region. However, the situation turned out to be exactly the opposite of what the majority of the stakeholders and spectators had perceived it to be.

The dispute between Ripple and the US SEC emerged when the SEC accused Ripple of selling unregistered licenses through XRP to the citizens of the United States.

Following to the statements made by the SEC, the regulator later filed a lawsuit against Ripple, causing it an enormous amount of loss in the United States region.

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