Ripple Had Its Strongest Year Ever Despite The Sec’s “Attack On Crypto”
December 24 2021 - 5:00PM
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Ripple Labs managed to stay strong in 2021 despite the Securities
and Exchange Commission (SEC)’s “attack on crypto”, AKA the lawsuit
against Ripple and its executives. Now the payments solutions
company celebrates its “strongest year ever”. Ripple CEO Brad
Garlinghouse announced the achievements and had some comments to
share about the SEC’s case. Ripple’s first On-Demand Liquidity
(ODL) was launched earlier this year during 2021’s Q3. It is a
payments solution that “allows customers to instantly move money
around the world at any time”. This service first appeared as a
corridor between Japan and the Philippines that leveraged the token
XRP. They have recently announced Ripple’s first ODL deployment in
the Middle East as well. Related Reading | Ripple Announces New
Payment Corridor in Japan As XRP Rallies 23.5%, More Profits Ahead?
Now, a Ripple report shows that the XRP-based On-Demand Liquidity
payments accounted for 25% of the total dollar volume across
RippleNet. Garlinghouse celebrated the results and added that the
ODL tokens are up 25x from Q3 2020, and 130% quarter over quarter.
“All of this growth came from outside the US for (sigh) obvious
reasons” tweeted Garlinghouse. Related Reading | Ripple
Partners With Republic Of Palau To Develop National Digital
Currency The report notes that Ripple’s ODL users have access to
over 20 countries “for their payment needs”, and transactions over
the Ripple network have more than doubled since Q3 2020. Ripple
made sure to mention the effects of regulatory uncertainty, noting
that their U.S. ODL flows were “essentially halted”. However,
“international ODL volume has continued to surge”. ODL is thriving
in regulatory jurisdictions that embrace innovation and understand
that crypto is critical to creating a more inclusive, equitable and
efficient global financial system. CEO Brad Garlinghouse Slams At
The SEC SEC Chairman Gary Gensler is famous in the crypto world,
but not for good reasons. Since filing the case against Ripple and
its two executives a year ago, many have feared the possibility of
falling subject to enforcement actions. Gesler has repeatedly
called crypto the “Wild West of our financial system,” and Brad
Garlinghouse doesn’t agree –nor does the community. The
Ripple CEO stated that “Calling crypto the “Wild West” is a farce”
noting that Gary Gensler “has taken an aggressively anti-crypto
approach”, which he claims is making companies move outside the
U.S. He pointed out that “Web2 was built with many American
companies” and suggested that Web3 might not be given the same fair
chance. Garlinghouse claims that most crypto-related companies “are
complying with financial regulators globally” and added that “This
industry shouldn’t be punished for asking for regulatory clarity
& regulation that is consistently applied with a level playing
field.” Garlinghouse referred to the SEC’s lack of clarity refusing
to answer questions about the legal status of Ethereum and
questioned: “Is the agency actually living up to its mission of
protecting investors w/ regulation by enforcement & what Hester
Peirce calls “strategic ambiguity”?” 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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