Ripple Gearing Up for US Market Entry Despite SEC Lawsuit
Blockchain payments company Ripple has hinted at an upcoming push into the US market that could dramatically expand adoption of its transaction solutions. The announcements come even as a legal battle with securities regulators continues to play out.
Key developments stoking anticipation of Ripple’s US expansion:
- Ripple executive say they will announce new product updates for the US, leveraging money transmitter licenses.
- Suggests major strategy shift after 3 years of relative US quiet amid SEC lawsuit over XRP/
- Ripple simultaneously on a hiring spree across roles in key global markets like the UK and India.
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In a post from Ripple’s Sr. Director of Product Marketing, Oliver Segovia, this week, he noted that 90% of Ripple’s payments business currently sits outside the US. However, Segovia continued: “We’re geared up to announce new product updates powered by our money transmitter licenses (MTLs) that cover the majority of US states.”
Ripple teases expanded entry into the US
Given an ongoing lawsuit by the Securities and Exchange Commission (SEC) over sales of the cryptocurrency XRP, the revelation suggests that Ripple feels ready to find growth opportunities after years of avoiding the domestic market.
At the same time, Ripple is undergoing a considerable hiring spree, spanning roles across fast-growing markets like India and the UK, as it cements its position in cross-border transactions.
Read more: SEC Wins Financial Data Access Against Ripple In Ongoing XRP Lawsuit
The announcement comes amidst the prolonged SEC lawsuit that is ongoing. Recently, judge Sarah Netburn ordered Ripple to hand over the firm’s financial and post-compliant customer contracts.
The prolonged SEC lawsuit has had several repercussions for XRP and the firm. The lawsuit hindered the firm’s growth and also affected XRP’s value. Nevertheless, the firm continues to keep its foot down and expand globally.
