Ripple Is Not Sitting Idle; Has High Hopes from Biden Administration Says CEO

Ripple will continue to try to settle with the new administration, said the company CEO Brad Garlinghouse, who, along with Chris Larsen and the fintech company, has been sued for allegedly selling unregistered security.

Garlinghouse took to Twitter on Thursday not to litigate SEC’s unproven allegations but to address some key questions that the crypto community has in mind.

The CEO shares that they did try to settle with the SEC with no luck but will continue to resolve this so that the orderly markets are preserved and consumers protected.

The Removal of Markets

Commenting on the biggest happening in the market right now, the temporary suspension and delisting of XRP for US customers from the likes of Coinbase, Binance.US, Bittrex, Grayscale, Bitwise, Jump Trading, and many more, Garlinghouse reiterated that 95% of XRP trading happens outside the US.

The digital asset lost more than 75% of its value last month because of this but has since seen some uptrend and is currently above $0.31.

As we reported, South Koreans are also heavily trading XRP XRP -0.38% XRP / USD XRPUSD $ 0.74
$0.00-0.38% Volume 2.46 b Change $0.00 Open $0.74 Circulating 46.31 b Market Cap 34.5 b 2 d Ripple Teams Up with SBI To Launch First On-Demand Liquidity Service In Japan 5 d SWIFT Takes Swipe At Ripple With A Cheaper Cross-border Payment System 1 w 50% of Family Offices Wants to Invest In Cryptocurrencies: Goldman Sachs Report and XLM XLM 1.16% Stellar / USD XLMUSD $ 0.28
$0.001.16% Volume 633.01 m Change $0.00 Open $0.28 Circulating 23.39 b Market Cap 6.6 b 1 w Bitcoin Depot Deploys Over 700 Crypto ATMs Across Circle K Stores 1 w Stellar Mulls Potential Acquisition of MoneyGram, One of the Largest Money Transfer Services 1 w Bitcoin Retesting the Lower-End of Range, OI Still Continues to Soar While GBTC Unlocks Now Behind Us , sometimes more than Bitcoin BTC -1.33% Bitcoin / USD BTCUSD $ 40,869.74
-$543.57-1.33% Volume 23.4 b Change -$543.57 Open $40,869.74 Circulating 18.77 m Market Cap 767.26 b 1 d $45 Billion Asset Manager, GoldenTree, Is Investing in Bitcoin 1 d Wells Fargo Is Offering Crypto Exposure to its High-Net-Worth Clients 1 d USD Longs Climb to Highest Level Since March 2020, Greenback’s Downturn Coincides with BTC Rally and Ethereum ETH 3.53% Ethereum / USD ETHUSD $ 2,544.17
$89.813.53% Volume 19.64 b Change $89.81 Open $2,544.17 Circulating 116.93 m Market Cap 297.49 b 1 d MSTR Stocks Are A “Leverage Long” Bet on Bitcoin, says MicroStrategy CEO Michael Saylor 1 d Bitcoin and Ether Print Green Candles for 10 Consecutive Days, OI on FTX & CME Rises Sharply & Faster than Binance 2 d Avalanche Launches New Cross-Chain Bridge To Connect Users With Ethereum , and that too at a premium of over 5%.

“XRP is one of the most liquid (top 3-5) digital assets globally,” he said. He further said that Ripple has no control over the listing of XRP as the project is “open-source and decentralized.”

“Delisting and halting are 2 separate things – most are halting trading,” added Garlinghouse.

Even Ripple partner Tetragon recently sued the firm seeking to redeem Series C stocks and asked for a temporary restraining order and a preliminary injunction.

“We’re disappointed that Tetragon (who owns 1.5% of Ripple) is seeking to unfairly advantage itself through the SEC’s allegations,” said Garlinghouse late on Thursday.

As for paying customers to use XRP, such as MoneyGram, Garlinghouse confirmed that they have been providing “some customers, especially first movers, w/ incentives to use ODL.”

But he argued that this is building a payment network 101 that every payment network from Paypal, Mastercard to Visa has or still uses.

We’re Fighting & on the right side of the facts

The US, according to him, is moving from a lack of regulatory clarity to regulatory chaos. But as he has been saying for some time now, Ripple has high hopes from the new administration under the President-elect Joe Biden.

“With the new administration, we expect #DCEA to be reintroduced – common-sense legislation providing clarity to the entire industry,” he said.

As for the legal process itself, it will be slow and lengthy, but with plenty “happening behind the scenes.”

“We may be quiet, but we are not idle. Our full legal team will announce themselves shortly, and we’ll be filing our initial response to the SEC’s unproven allegations within weeks,” said Stuart Alderoty, General Counsel at Ripple.

“We’re on the right side of the facts and of history, and look forward to our day in court,” concluded Garlinghouse.