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Despite being in the midst of a $ 1.3 billion lawsuit with the US Securities and Exchange Commission, it seems that Ripple is still working as it should.
Speaking to Reuters today, CEO Garlinghouse revealed that the company has not suffered any negative reactions in the Asia-Pacific business area (APAC) amid the current SEC lawsuit:
“It (the lawsuit) has hampered operations in the US, but it doesn’t really affect what’s going on with us in the Asia-Pacific.”
In December 2020, the SEC accused Ripple and its executives of violating securities laws in the sale of XRP tokens since 2013.
Garlinghouse attributed the company’s lack of any decline due to Ripple’s good position with regulators in the region, saying, “We can continue to grow our business in Asia and Japan because we have clear rules in those markets. ”
Indeed, Japan and other APAC countries in the past were very favorable for Ripple and XRP. The company is even part of a joint venture with Japanese conglomerate SBI Holdings to form SBI Ripple. The venture is at the heart of many projects aiming to create a payment corridor powered by Ripple in Asia.
In March 2020, the blockchain payments company expanded further into Southeast Asia, starting a partnership with DeeMoney, a Thai fintech company.
Garlinghouse also minimizes the impact of US exchanges delisting or suspending trading of XRP tokens. According to the Ripple CEO, more than 200 platforms around the world have listed XRP trading pairs.
In addition to U.S. crypto exchanges, asset managers and crypto funds such as Bitwise and Grayscale have also liquidated their XRP holdings.
Back in December, the Ripple director revealed that only 5% of the company’s customers live in the US. Garlinghouse has even stated previously that the company is considering moving its headquarters overseas if the legal environment doesn’t improve.
Meanwhile, both Garlinghouse and Ripple’s executive chairman Chris Larsen filed requests for the lawsuit to be dismissed, especially amid the SEC whose new president is a longtime blockchain professor and very knowledgeable in the cryptocurrency field.
Ripple’s attorney said the US Treasury Department’s Financial Crime Enforcement Network previously classified XRP as a virtual currency.
Blockchain payments company Ripple Labs is currently registered in the state of Wyoming, USA.
According to a filing from Secretary of State Wyoming, Ripple Markets WY LLC’s status as a local business is listed as “in operation” after the first filing in February 2020. As a public Limited Liability Company in Wyoming, Ripple’s registered agent will be based in Cheyenne.
“Many crypto companies are realizing Wyoming as a better place of residence than Delaware due to our crypto-friendly laws,” Caitlin Long said.
Long is CEO of Avanti Bank & Trust Digital Bank and is affiliated with the state legislature’s Selection Committee on Blockchain, Financial Technology and Digital Innovation. She said crypto companies like Ripple should consider moving to Wyoming as the state doesn’t have any corporate or franchise taxes, and cryptocurrencies are exempt from property and sales taxes.
In addition, US Senator Cynthia Lummis was also present. The lawmaker representing Wyoming was among the first to say that digital assets will be a key part of her agenda. Responding to the news about Ripple, Lummis’ chief policy officer said many were “Wyoming maximalists.”
It looks like Ripple will move its headquarters to crypto-friendly as its main office is still listed as San Francisco. However, both Ripple co-founder Chris Larsen and CEO Brad Garlinghouse say they are dissatisfied with the lack of regulatory clarity on cryptocurrencies and blockchain in the United States.
Wyoming is becoming one of the most attractive US states for crypto and blockchain companies. Last year, the State Banking Council of Wyoming granted crypto exchange Kraken a charter to act as a crypto-friendly bank and green-lighted Avanti to receive and deposit cryptocurrencies according to the same way.
Following Tesla’s $ 1.5 billion Bitcoin acquisition earlier this month, Senator Lummis invited CEO Elon Musk to consider relocating the company headquarters to Wyoming.