The court ruling in a lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against payments processor Ripple Labs Inc. will have minimal impact on the company’s global business expansion, Ripple’s APAC region policy director Rahul Advani said at a press conference in South Korea on Wednesday, according to local media reports.
See related article: Ripple expects SEC ruling in first half, clearer global regulations for digital assets in 2023
Fast facts
- Advani said 90% of Ripple’s business is outside of the U.S., with a large portion in the Asia-Pacific region, local media outlet Bloomingbit reported. Advani said the company has seen the biggest growth during the two years it has been involved in the legal battle with the SEC.
- In December 2020, the SEC filed a lawsuit against Ripple, alleging the US$1.38 billion sale of XRP, the crypto token that powers Ripple’s payment and remittance network, constituted an illegal offering of unregistered securities.
- Brooks Entwistle, Ripple’s managing director for the Asia Pacific, Middle East and North Africa, said at the same conference that the future of the cryptocurrency industry in the U.S. itself will be influenced greatly by the ruling in the SEC vs Ripple lawsuit.
- Advani said in an interview with Forkast in January he expects the judge to make a ruling in the case in the first half of this year.
See related article: MoneyGram seeks to seal parts of its filings in the XRP lawsuit between Ripple, SEC