Ripple and CEO Brad Garlinghouse take a look back at the successes of 2022

It’s been a challenging year for many in crypto, but for Ripple Labs and CEO Brad Garlinghouse, 2022 has brought many successes.

After being sued by the SEC in December 2020, Ripple Labs and CEO Brad Garlinghouse faced increasing difficulties over the next year. However, this past year, the company and its chief executive experienced several more encouraging developments. These are the top 5 crypto wins for Ripple and CEO Brad Garlinghouse.

Ripple Adds 4,000 NFT Artists Through Creator Fund

Last year, Ripple launched $250 million Creator Fund to facilitate use cases irreplaceable Token (NFT). XRP Ledger. Ripple said the fund will provide targeted support for creators, brands and marketplaces to develop NFTs on XRPL.

Through this fund, Ripple announced that it has on the ship Some 4,000 artists, musicians, game designers and producers joined in March this year. Writer and producer Justin Bua, filmmaker Steven Sebring and xPunks were among some of the artists aboard the ship.

Additional marketplaces and creative agencies NFT PRO, Ethernal Labs, and onXRP helped customize the NFT experience on XRPL for users. “This partnership allows us to further cross-chain interoperability and strengthen the Web3 ecosystem by bringing NFTs and digital assets to the masses,” said Nick Rose, CEO and Founder of Eternal Labs.

nft

Hinman document released

Ripple won a significant victory earlier this year in relation to its ongoing case with the Securities and Exchange Commission. In October, a court forced the SEC to turn over documents Ripple had previously requested six times. The so-called Hinman documents reveal the SEC’s comments on a speech by William Hinman, former director of the Division of Corporate Finance.

In the speech, Hinman said that while he had previously considered Ethereum One securityHis subsequent understanding of blockchain-based transactions led him to believe that “the current offer and sale of ether is not a securities transaction.”

Ripple had sought the release of these notes, believing that they demonstrate the SEC’s awareness of Hinman’s claim that Ethereum is not a security. Applying a similar principle, Ripple believes this will strengthen its case that XRP should not be considered a security.

Ripple’s General Counsel Stuart Alderotti announced the development on Twitter on October 20. Garlinghouse later shared the tweet, Warning SEC for his “embarrassment” in the process.

Minority XRP Ownership

In its third quarter market report, Ripple shared a major milestone that the blockchain achieved with its XRP token. It clarifies that the number of XRP tokens held in various wallets of the company was less than 50 billion XRP. At exactly half of XRP’s total outstanding supply of 100 billion tokens, the achievement helped allay concerns about over-centralization.

Garlinghouse also described the occasion as a milestone, highlighting The outflow from Ripple wallets as a sign that customers were finding more utility with the XRP ledger. Meanwhile, Ripple’s XRP sales totaled $310.68 million in the third quarter, down from $408.90 million in the previous quarter.

Global development and European expansion

As the SEC lawsuit effectively crippled Ripple in the United States, the company was forced to expand overseas. As a result, this year, most of its customers and revenue came from countries other than the U.S. “We’re really growing by leaps and bounds outside of the United States,” Garlinghouse Said“95% of our customers are non-Americans”

In an effort to expand into European markets, Ripple said it will apply for a Virtual Asset Service Provider (VASP) license in Ireland. If granted, the EU pending mica law Will enable Ripple to provide its services across Europe.

final court filing

The most important development for Ripple will be the successful conclusion of its lawsuit with the SEC. with both sides Presented His last court filing for the year, the case could be concluded in the first half of next year.

Shortly after the release of the Hinman documents, both parties filed separate motions for summary judgment. If allowed, a judge will rule on the case with no need to go to trial.

Both sides later requested the court to reject the other’s offer. The SEC said Ripple’s offer should be denied due to “indisputable evidence” it illegally sold unregistered securities. Meanwhile, Ripple claimed that the SEC had no legal basis to force Ripple to register XRP as a security.

This month, Ripple filed a response opposing the Commission’s motion for summary judgment. Alderoty confirmed that this would be the company’s final court submission. Garlinghouse congratulated his team: “Ripple has stood strong and withstood the SEC onslaught.”

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