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.