Ripple achieved its best year ever despite legal troubles in the U.S, the case will resolve in 2022
A year ago, Ripple CEO Brad Garlinghouse caused a wave of shock in the crypto community by making the exact announcement of the U.S. Securities and Exchange (SEC) about suing the blockchain company and its top executives. And throughout this year, the lawsuit continues to unfold with many new events but still no special results.
Ripple CEO Brad Garlinghouse hopes that the high-profile case will resolve in 2022
The SEC published the full text of its initial complaint on the same day, alleging that XRP is unregistered security and accusing Garlinghouse and co-founder Chris Larsen of netting over $1.3 billion in illegal sales. After that, the XRP price dropped 60% in two days. Exchanges appear to have staged a coup on the controversial cryptocurrency, with a wave of trading halt announcements occurring in the following days.
In January, Ripple also told its story, claiming that the SEC had fallen out of favor with global regulators and argued that there was no principled distinction between XRP and the cryptocurrencies the agency had issued. This allegation is not a security (Bitcoin and Ether).
Both Ripple and the SEC have scored several significant wins throughout the year. In July, the court authorized the removal of former top agency official William Hinman.
In a September interview, Garlinghouse said he would only address if there were regulatory clarity for XRP. “To the extent, we can find a constructive path forward with the SEC, we, of course, want to find that. There is no scenario though when we will settle unless there is absolute certainty about what is XRP on a go-forward basis”, he stated.
In late November, the Ripple boss told CNBC that he expects the lawsuit to settle in 2022: “I hope that in 2022 there will be closure here for sure.”
Earlier this month, the parties filed a joint petition to move the deadline for expert discovery to January 19.
Recently, in a series of tweets, Garlinghouse revealed that his company has managed to achieve its best year to date despite the ongoing legal battle.
Proud to say it was @Ripple’s strongest year ever (XRP-based On-Demand Liquidity payments account for 25% of $ volume across RippleNet, and ODL txns are up 25x from Q3 2020, and 130% QoQ). 4/10 https://t.co/2V2ORfzTqm
— Brad Garlinghouse (@bgarlinghouse) December 22, 2021
Garlinghouse claims that the XRP-powered On-Demand Liquidity solution now accounts for a fourth of the U.S. dollar-denominated volume processed by the RippleNet network. ODL transactions have experienced a 25-fold increase since the third quarter of 2020.
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