Ripple (XRP) managed to stay strong in 2021 despite the “attack on crypto” by the Securities and Exchange Commission (SEC), AKA the lawsuit against Ripple and its executives. Now the payment solutions company is celebrating its”strongest year ever”. Ripple CEO Brad Garlinghouse announced the performance and had some comments to share on the SEC’s case.
Ripple’s first on-Demand Liquidity (ODL) was launched earlier this year during 2021’s Q3. It is a payment solution that ” allows customers to instantly move money around the world at any time”. This service first appeared as a connection between Japan and the Philippines that used the token XRP. They recently announced Ripple’s first ODL deployment in the Middle East.
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, adding that the ODL tokens have risen 25x from Q3 2020, and 130% quarter on quarter.
“All this growth came from outside the US for (sigh) obvious reasons”
The report notes that Ripple’S ODL users have access to more than 20 countries “for their payment needs”, and transactions over the Ripple network have more than doubled since Q3 2020.
Ripple certainly made mention of the effects of regulatory uncertainty, noting that their U.S. ODL flows have “essentially stalled”. However, “international ODL volume has continued to rise””
“ODL flourishes in regulatory jurisdictions that embrace innovation and understand that crypto is critical to creating a more inclusive, equitable and efficient global financial system.”
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 becoming the subject of enforcement actions.
Gesler has repeatedly called crypto the “Wild West of our financial system,” and Brad Garlinghouse disagrees-any more than the community does.
Ripple’S CEO stated that “calling crypto the ‘Wild West’ is a farce “and noted that Gary Gensler has “taken an aggressive anti-crypto approach,” which he claims is causing companies to move outside the US. He pointed out that ” Web2 was built with many American companies” and suggested that Web3 might not get the same fair chance.
Garlinghouse claims that most crypto-related companies “comply with the financial regulators globally” and added that ” this industry should not be penalized for asking for clarity in regulations & regulations that are consistently applied with a level playing field.”
Referring to the lack of clarity of the SEC refusing to answer questions about Ethereum’s legal status, Garlinghouse asked:
“Will the agency fulfil its mission of protecting investors with regulation through enforcement & what Hester Peirce calls ‘strategic ambiguity’?”
“2021 has been a turning point for crypto. Acceptance and awareness of the possibility of bringing billions of people into the global financial community has never been more evident. It was incredible to see much less ‘maximalism’, and see many more builders joining the industry.”