Amidst the prolonged legal battle with the U.S. Securities and Exchange Commission (SEC), Ripple, the fintech company behind the cryptocurrency XRP, has demonstrated remarkable growth over the past three years.
XRP Lawyer on XRP Vs SEC Lawsuit
In a detailed tweet today, Pro-Ripple lawyer John Deaton shed light on the company’s outstanding achievements, despite facing significant legal challenges.
“Even if you hate Ripple or XRP, you have to be impressed by what Ripple has accomplished during the last 3 years,” Deaton tweeted. “Not only did it grow its business – almost tenfold – during an extended brutal bear market, but did so while under the dark cloud of an SEC enforcement action which prevented any real growth within the United States.”
During a time when many companies were downsizing, the lawyer noted that Ripple was hiring, a testament to the resilience of the firm. Deaton further pointed out that the legal hurdles Ripple faced were fueled by bias, conflicts of interest, and compromise within the SEC. He expressed his belief that XRP is not a security, a sentiment echoed by industry experts.
The legal battle against Ripple, which garnered significant attention, has persisted for almost four years, costing the company over $100 million in legal fees and sparking significant interest in the crypto community.
That said, Deaton’s comments against the backdrop of a key win for Ripple. Earlier his week Judge Analisa Torres signed an order officially dropping all charges against Ripple executives related to the alleged sale of XRP tokens, binging renewed optimism to Ripple’s supporters.
Ripple’s Growth Beyond Lawsuit
Meanwhile, it’s worth noting that Ripple’s growth is not limited to overcoming legal hurdles. The company has been strategically forging partnerships to enhance the underlying crypto liquidity infrastructure. On Tuesday, Ripple announced a new partnership with global web 3 financial platform Uphold, aimed at furthering this goal.
Notably, Ripple has previously highlighted the importance of improving crypto usability as a key challenge for the industry. In a blog earlier this month, the firm revealed its goal of becoming a one-stop shop for enterprises looking to leverage crypto, offering core capabilities and solutions. Their Liquidity Hub, which manages liquidity at scale, has expanded its reach to include regions like Brazil and Australia and has added support for stablecoins.
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