Ripple, one of many blockchain firms through which payments are made, was charged to court by the US government. However, Ripple’s business branch based in Asia, is not in any way feeling the heat of the lawsuit. The company is not moved by the downsides that could come with the lawsuit and the problem it may pose for the business and its name.
Amidst all that has happened, Ripple’s representative has made statements and laid claims that in the Asian Pacific region, it is doing business as usual. One would be tempted to think that the firm is not even the least fazed, even with the US authorities being hot on their heels with the lawsuit.
It was just last year that Ripple got sued by SEC. They were alleged to have collaborated in security fraud as regards the firm’s involvement in selling XRP tokens. Also, Ripple’s founding fathers, Chris Larsen and Brad Garlinghouse, were alleged to have sold over $700,000,000 of such tokens for their own personal interests.
This lawsuit which took place last year— precisely in December 2020— also stated that Ripple was involved in manipulating tokens, sale of unlicensed security, offering bribes to get listed on crypto exchange sites and also paying impostors to pose as partners in their firm. He also denied being aware of any halt in XRP trading on crypto exchanges in the US.
The Us Government Takes Strong Grip on Crypto Projects
As implied by Garlinghouse, the US government is posing as a hindrance by being hard on the crypto market. This soon resulted in them losing their firm grip to far Eastern countries that are not hindering the flow of crypto in the marketplace. Such countries are rather welcoming crypto policies with open arms and are thus, getting their rewards— in funds and rising talents.
Despite the US government being called a hindrance to such quick-rising and efficient modern technology, they have not backed down from being at loggerheads with Ripple. In fact, the Ripple representatives are expected to appear in court by August 2021 for a hearing.
XRP is currently exchanging hands at $0.46 after a decrease of 0.03% in the previous 24-hours.