Ripple's XRP, a cryptocurrency used for cross-border money transfers, faced a significant setback when the U.S. Securities and Exchange Commission (SEC) alleged that XRP was a security, not a commodity. Ripple vehemently denied this claim, asserting that XRP should be treated as a commodity. Despite their defense, Ripple suffered losses, losing a major customer and investors. MoneyGram, a prominent U.S. money transfer giant, terminated its partnership with Ripple in March 2021.
As a result, Ripple has shifted its focus to international markets, with the majority of its business now operating outside the United States. The company, employing over 900 people globally, maintains approximately half of its workforce in the U.S.
