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 -0.10% XRP / USD XRPUSD $ 0.41
$0.00-0.10% Volume 584.72 m Change $0.00 Open $0.41 Circulating 50.8 b Market Cap 20.86 b 1 y Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 y SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 y Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card and XLM XLM -0.20% Stellar / USD XLMUSD $ 0.09
$0.00-0.20% Volume 43.85 m Change $0.00 Open $0.09 Circulating 26.32 b Market Cap 2.44 b 1 y Grayscale Adds Avalanche (AVAX) and Terra (LUNA) to its Investment Product Consideration List 1 y Circle’s Stablecoin USDC Launches on Hedera Hashgraph's Network 1 y Robinhood Cites Regulatory Actions or Policies Towards Crypto as Business Risk in Filing , sometimes more than Bitcoin BTC -0.48% Bitcoin / USD BTCUSD $ 23,310.44
-$111.89-0.48% Volume 15.61 b Change -$111.89 Open $23,310.44 Circulating 19.28 m Market Cap 449.46 b 1 y SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 1 y A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 1 y Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum and Ethereum ETH 0.27% Ethereum / USD ETHUSD $ 1,665.76
$4.500.27% Volume 5.83 b Change $4.50 Open $1,665.76 Circulating 122.37 m Market Cap 203.85 b 1 y Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 1 y A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 1 y The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022 , 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.