Ripple CEO Brad Garlinghouse recently revealed that the company is redirecting focus toward the U.S. market following its legal victory against the Securities and Exchange Commission (SEC).
Earlier, Brad had revealed that 95% of customers for Ripple were outside the U.S., but the company now believes it can increase its strength in the local market.
The SEC first sued Ripple in December 2020, claiming that its XRP token was an unregistered security. After years of legal battles, the case is now officially closed. Ripple has announced that SEC has dropped its lawsuit, settled for a $50 million fine, and withdrawn its appeal.
Ripple will be now free to sell XRP to institutional buyers without any limits. Garlinghouse referred to this as a huge win, not only for Ripple but for the overall crypto space.
Renewed Focus on the U.S. Market
Ripple has expanded internationally in spite of legal issues. Now that the lawsuit is out of the way, the company will expand in the U.S. Numerous American companies were slow to act because of regulatory concerns. With the SEC backing off, Ripple is looking to ally with banks and financial institutions.
The political atmosphere in the United States is changing in favor of cryptocurrency. Donald Trump’s administration has seen pro-digital asset measures gain traction. He just launched a Crypto Advisory Council, and there are suggestions that Brad Garlinghouse may be engaged.
The political climate in the U.S. is becoming increasingly crypto-friendly. Donald Trump’s presidency has seen pro-digital asset policies gaining acceptance. He just established a Crypto Advisory Council, and there are reports that Brad Garlinghouse might be involved.
Even though Ripple is now legally in the clear, challenges remain. The market for crypto payments continues to be controlled by stablecoins such as USDT and USDC. Ripple will have to differentiate itself and demonstrate the value of its tech to American companies.
Additionally, although the SEC has retreated, regulations of crypto in the United States are still unclear. Ripple will have to find its way through these intricacies while competing against other blockchain-based payment options.
With the lawsuit behind it and the regulatory landscape turning in its favor, Ripple believes that it has a bright future ahead in the U.S. The company is looking to use its partnerships, technology, and name to reestablish itself in the American market.
Garlinghouse stressed that Ripple never wanted this legal fight but realized that they had to fight. With it won, the company now stands ready to move ahead and make the U.S. an integral part of its growth plan.
Also Read: Why is the SEC silent on closing the Ripple XRP case?
