“Chris wants to do this”: Ripple plans IPO after settlement with SEC

Rick Steves

The SEC v. Ripple lawsuit has been filled with twists every other day, which in turn feeds the market sentiment of the XRP.

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Ripple is considering going public after the blockchain company settles the ongoing lawsuit with the Securities and Exchange Commission, according to SBI Group chief Yoshitaka Kitao, who has a seat in Ripple’s board of directors.

SBI Group is the largest outside shareholder of Ripple. Mr. Kitao said both Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen support the plan for an IPO.

“After the current lawsuit, Ripple will go public. The current CEO wants to do this. Chris wants to do this,” Mr. Kitao said on an earnings presentation call on Wednesday, where he added that the IPO would pay off their investment.

“We have been investing in fintech companies, and we adopt that technology in our group, and also we spread that technology across the industry. That is SBI Group’s basic strategy.”

Earlier this week, CEO Garlinghouse said he is “pleased” with how their legal fight against the SEC since December 2020 is going so far.

The SEC v. Ripple lawsuit has been filled with twists every other day, which in turn feeds the market sentiment of the XRP. Even co-founder and CEO Brad Garlinghouse’s recent words provide some insight into the emotional rollercoaster for XRP holders and other stakeholders.

“What I don’t want is for you to worry. We will get through this, and we will prove our case in court. We have a phenomenal legal team and as I said, we are on the right side of the law, to begin with. Know, however, that the legal system is slow, and this is just the beginning of a long, civil process.”

Despite Mr. Garlinghouse’s hopeful words, the Securities and Exchange Commission is now on the attack.

The regulator asked the court to dismiss Ripple’s fourth affirmative defense of “lack of Due Process and fair notice” based on the grounds of being legally insufficient.

The legal dispute with the SEC over the nature of XRP – whether it is a security or not – and the legality of the XRP offering since 2013 has been one of the most controversial topics within the trading industry and is expected to provide clarity for both regulators and the industry.

In the context of the SEC’s lack of clarity, XRP holders’ lawyer John E. Deaton said it “doesn’t take an expert to see that plenty is very wrong, very corrupt and very outrageous about the SEC’s lawsuit against Ripple”.

Most recently, the SEC raised eyebrows for protesting against a subpoena on One River Asset Management, which hired ex-SEC Chairman Jay Clayton after he filed the complaint against Ripple the day before leaving office.

Brad Garlinghouse and Chris Larsen, Ripple’s co-founders, have recently filed twin motions to dismiss the case against them.

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