Cryptocurrency News Cryptocurrency Regulation

Garlinghouse Confirms Ripple Will Go Public Once The Legal Battle With SEC Is Over

Michael Collier

The CEO has confirmed after the ongoing legal battle with the SEC is over Ripple will move towards going public in the future. The probability of Ripple going public is very high. However, the organization behind RippleNet is aware of its due responsibilities in the SEC case.

The CEO spoke about the future plan of the company after the legal contest with the Security and Exchanges Commission at an event hosted by CoinDesk. The CEO deemed the grant of Ripple’s motion as a positive one.

In anticipation of resolution

Reportedly, the Securities and Exchange Commission filed its case against Ripple and its high-ranking officers including the CEO and chairman. The SEC alleges that Ripple labs raised more than $1.3b through unregistered digital assets deemed XRP from 2013.

The news regarding Ripple’s proposal to go public has been circulating for a while now and the CEO of SBI Holdings has already mentioned how by going public Ripple would pay of the stakeholder’s investment.

SBI CEO continued saying that after the lawsuit, Ripple labs will go public and Ripple’s executives have no second thoughts about this maneuver. The CEO talked about how SBI has always invested in fintech and spreading technology over the complete industry because it is the SBI’s main strategy.

Nothing out of the ordinary

Ripple CEO also noted how the current legal contest with the Exchange Commission has not affected the company to sign a new deal with international companies. The CEO added the USA exclusively takes XRP as security whereas anywhere else in the world XRP is considered a digital currency. Nonetheless, the CEO did not fail to mention the negative effect of the legal battle as it put a hold on Ripple Labs’ partnership with MoneyGram.

The relationship of Ripple and MoneyGram was consequential which was represented by the functionality of ODL transactions. However, the CEO states the partnership is paused.

As soon as when the news regarding the SEC case hit the media MoneyGram kept a distance between itself and Ripple. As MoneyGram states it doesn’t use the on-demand liquidity platform or RippleNet. Further adding MoneyGram does not align with the recent SEC measures.

In the end, Garlinghous concluded that this filing has implications far greater than XRP or Ripple’s position in the market of crypto.