Year-long Legal Battle! Ripple CEO: SEC Helps Ethereum Reach the Moon, Ripple's Overseas Business Still Strong

Ripple and SEC lawsuit approaching one-year anniversary, Ripple CEO recently discussed the turbulent year, stating that despite facing various challenges during the lawsuit, Ripple has still managed to succeed through its overseas business development outside the United States.

Ripple CEO Brad Garlinghouse participated in an online conference during Washington Fintech Week, not only discussing Ripple's recent developments but also pointing out that Ethereum's success can be attributed to the SEC giving it the green light.

No Development in U.S. Business

Garlinghouse remains resentful of former SEC Chairman Jay Clayton's last-minute lawsuit against Ripple. Since the litigation erupted, major exchanges, top market makers, and index funds have all removed Ripple's coin.

However, he emphasized that this is still a record year for Ripple. According to the yet-to-be-released third-quarter report, RippleNet and "On-Demand Liquidity (ODL)" have both seen growth despite the absence of the U.S. market.

ODL has grown by 130%, and Ripple's own currency has risen by 33% compared to the second quarter. He pointed out the growth in overseas business and claimed that there was zero growth in new U.S. customer partners. Additionally, hiring 75 new employees overseas in the third quarter also set a new record.

The ODL platform is an application that Ripple vigorously promotes. This platform can convert the sender's currency into XRP tokens, transfer using XRP, and convert it into the target currency within a very short holding time of XRP to achieve efficient, real-time settlement.

Community Appreciation like "Twitter Detectives"

During the interview, Garlinghouse highly praised the crypto community as "Twitter detectives" who occasionally uncover the contradictory views of former Chairman Jay Clayton and current SEC Chairman Gary Gensler.

For instance, Jay Clayton once said, in his view, "every ICO he has seen is a security"; Gary Gensler also agrees, believing that "a few cryptocurrencies are not securities, but he thinks many are."

Garlinghouse pointed out that the community discovered Gary Gensler's statement in 2018 at MIT that 3/4 of cryptocurrencies are not securities. Messari founder Ryan Selkis also retweeted the article, but the original post has been deleted.

SEC Assists Ethereum's Moon Landing

Garlinghouse believes that there is obviously opacity in current regulation, pointing out that Jay Clayton could not directly answer whether Ripple was a security before the lawsuit, and Gary Gensler also refused to give a direct answer when asked if Ethereum was a security. He stated:

I don't believe the government needs to play the role of picking winners. Gensler's position is clear that "Bitcoin is different from any other coin," and former SEC executive William Hinman gave Ethereum a pass. This is clearly affecting the market. XRP was the second-largest currency in the past few years, then the SEC let Ethereum go, and Ethereum has been shining ever since.

Garlinghouse emphasized that the clarity the SEC provided for Ethereum is very helpful, but Gensler must also give clear answers for other projects. The better approach is to let the market determine the success or failure of projects, rather than having regulatory agencies enforce it.