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In a series of tweets on Wednesday, Ripple CEO Brad Garlinghouse said that his company has had the “strongest year ever” despite the lawsuit over XRP by the U.S. Securities and Exchange Commission (SEC). Commenting on Ripple’s achievement this year and crypto’s regulatory landscape, he made use of the opportunity to strike back at SEC Chairman Gary Gensler by further pointing that regardless of what certain media report, most crypto firms play by the book and are “complying with financial regulators globally”.
Ripple Labs is still in a legal battle with the U.S. Securities and Exchange Commission (SEC) who had filed a suit against the company and its founders Brad Garlinghouse and Chris Larsen. Amidst the scrutiny of the lack of clarity on regulation, the SEC holds that the XRP token was allegedly an unregistered security.
Garlinghouse insisted that the SEC’s lawsuit against XRP “is an attack on crypto in the US, not just Ripple,” as he detailed:
“2021 has been a watershed year for crypto. Acceptance and awareness of the opportunity to bring billions of people into the global financial community has never been so clear. It’s been incredible to see a lot less ‘maximalism’, and many more builders joining the industry.”
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Noting Ripple’s progress in the past year, which included the launch of ‘Liquidity Hub’ and its central bank digital currency (CBDC) solution for which it partnered with Palau, “all of this growth came from outside the US,” Ripple’s CEO said.
Lastly, Garlinghouse took to SEC Chairman Gary Gensler who accordingly “has taken an aggressively anti-crypto approach and companies are already moving outside the US.” He stressed that “the SEC today won’t answer questions about the legal status of Ethereum, much less anything else,” and attacked the Chairman by noting:
“Calling crypto the ‘Wild West’ is a farce – most are complying with financial regulators globally. This industry shouldn’t be punished for asking for regulatory clarity & regulation that is consistently applied with a level playing field.”
Garlinghouse ended by calling on Congress to finally “ACT”.