Rahul Advani, Ripple’s APAC Region Policy Director, said at a press conference in South Korea on Wednesday that the court ruling in the lawsuit filed by the US Securities and Exchange Commission (SEC) against payments processor Ripple Labs Inc. will have minimal impact on the company’s global expansion.
According to Bloomingbit, Advani said that 90% of Ripple’s business is outside the US, and a large part is in Asia Pacific. Advani also said Ripple has grown the most during its two-year legal battle against the SEC.
Brooks Entwistle, Ripple's Managing Director for Asia Pacific, Middle East, and North Africa, said at the same press conference that the future of the crypto industry in the US will be affected by the outcome of the SEC-Ripple case.
In Dec. 2020, the SEC filed a lawsuit against Ripple for allegedly issuing XRP as an unregistered security. The SEC announced that it filed a lawsuit against Ripple, its co-founder Christian Larsen and its CEO Bradley Garlinghouse, alleging that more than $1.3B in revenue was generated from the sale of unregistered digital securities.