As we embrace 2022, a lot of people will look at 2021 in retrospect. The crypto world was consumed by lots of activities, from lawsuits to fundraising events for blockchain startups and of course, the big one “the call for crypto regulations.” One person that will label his experiences as the good, the bad, and the ugly is Ripple ExecutiveBrad Garlinghouse.
Undoubtedly, Ripple and its affiliated coin XRP, have had a tumultuous 2021, which Garlinghouse agrees to. Ripple has been met with lawsuits from the SEC throughout the majority of this year, even though the case actually began in 2020. At one time this year, the executive called 2021 a “watershed year for crypto.” Despite the litigation in the United States, XRP has managed to stay afloat outside the country.
Garlinghouse Reveals Increase In On-Demand Liquidity
While reflecting on 2021, the CEO noted that it has been XRP’s strongest year and a breakthrough year for the crypto industry. This is strange, given that XRP was suspended on many exchanges.
He said that RippleNet experienced enormous growth globally, with On-Demand Liquidity present in more than 20 countries globally. Garlinghouse also highlighted that transactions initiated through RippleNet have doubled since Q3 of 2020, with ODL transactions witnessing a 130% QoQ increase. ODL represented more than 25% of the total volume transactions on the network in Q3.
He said that although ODL flows posted some negative results in the U.S., due to regulations, ODL volume worldwide is impressive. The volume has increased exponentially since Q3 last year.
Industry Shouldn’t Be Punished For Demanding Regulatory Clarity
The Executive took to his Twitter page yesterday to reveal a year of the lawsuit filed by the SEC against Ripple for alleging trading XRP without registering it as security. While sharing the Tweet, he reminded everyone that the SEC had launched an attack on the crypto industry and not just Ripple.
Reacting to the SEC’s labeling of cryptocurrency as the Wild West, Garlinghouse stated that most crypto companies comply with financial regulations, calling the labeling as a farce. He argued that the industry shouldn’t be punished for demanding clarification on regulations and laws that will be applied on a level playing ground. SEC head Gary Gensler is broadening the agency’s scope to accommodate crypto oversight.
As of this writing, XRP is $0.9969, witnessing a 3.5% increase in the last day. Garlinghouse once insisted that the price of the coin would have gone higher if the SEC hadn’t filed the lawsuit. That may not matter anymore since the company is doing pretty well to the amazement of crypto enthusiasts. XRP could shoot up before the end of the year, as predicted by a crypto analyst, Mr Whale.