◊ Ripple’s activity outside the United States continues to grow and flourish, although the legal battle between the SEC and Ripple has hurt the company’s business in the United States.
Ripple is going through a tough time in its home country, the United States. But Ripple’s blockchain-based RippleNet solution has seen massive growth over the past few years. With its liquidity management solution and state-of-the-art infrastructure serving real-time payments, RippleNet continues to be the preferred option for global businesses to rapidly scale payments.
Charles Gasparino of Fox Business took to Twitter today to share information he received from sources close to Ripple Labs’ senior executives about how the company was affected by the lawsuit.
According to sources, only Ripple’s operations within the US borders have suffered from the current lawsuit filed against it by the US Securities and Exchange Commission.
Again, according to these sources, Ripple’s blockchain activities continue to develop at full speed outside the United States. The Asia Pacific region, in particular, has become one of the largest business hubs for the San Francisco-based blockchain startup in recent years. Ripple has a large presence specifically in Japan. Ripple has recently established another ODL corridor, again from Japan to the Philippines.
Additionally, the company continues to continually expand its RippleNet network, with one of the latest additions to the corridor being UK-based Paydek. Paydek plans to use Ripple’s ODL technology to expand its operations in Africa and Latin America, facilitating seamless, low-cost fast remittance and payments for freelancers and on-demand workers.
In addition, Charles Gasparino also revealed that Ripple Labs has no intention to settle with the SEC as a result of the lawsuit, but instead plans to win against the regulator.
Gasparino stressed that the SEC’s anti-crypto stance (the SEC recently threatened to sue Coinbase over the launch of the Lend product) and Ripple’s success outside the US are proof that the SEC “forces innovation to take place outside the US.”
“Sources close to Ripple, SEC lawsuit against XRP [Ripple’ın] hurting its local businesses, he says, while the company’s activity overseas has developed in the opposite way. This is further proof that the SEC’s crypto sanctions agenda is forcing innovation to take place outside of the United States.”
BREAKING: People close to @Ripple say while the @SEC_Enforcement case over XRP has hurt its domestic we, it’s business is thriving overseas, further proof the @SECGov crypto enforcement agenda is forcing innovation to occur outside the US. Story developing
— Charles Gasparino (@CGasparino) September 18, 2021