CEO of SBI Group – the largest outside shareholder of Ripple – believes that Ripple Labs is set to go ahead with its plans of going public once the legal battle with SEC is over. The CEO Yoshitaka Kitao claimed that CEO Brad Garlinghouse and Chairman Chris Larsen revealed their plans to take the company public in Wednesday earnings presentation call.
The CEO of Ripple Labs, Brad Garlinghouse, had hinted towards the company initial public offering while speaking at the World Economic Forum last year but before any developments could be made in this direction, the SEC derailed all plans of Ripple Labs. And according to the CEO of the Japanese financial behemoth, the plans are still intact once Ripple Labs settles the SEC lawsuit.
Ripple Labs found itself entangled with the Securities and Exchange Commission in December 2020. The legal battle has dragged on ever since with no indication of an end anytime soon. The firm’s cryptocurrency, XRP, took a hard hit because of the lawsuit; however, things appear to have changed as XRP picked up the pace again.
Ripple Labs is confident they will merge victorious as the prosecution’s argument lies in the fundamental differences between Ripple and Bitcoin or Ethereum. The legal counsel of Ripple Labs has been adamant that no such fundamental differences exist between the cryptocurrencies which make the whole case of SEC baseless.
Ripple Labs has also bagged minor victories throughout the legal battle like the approval of a motion to grant Ripple Lab’s SEC’s discovery documents of Bitcoin and Ethereum. However, how useful the documents will prove to be is yet to be seen. Nonetheless, the firm remains steadfast in its plans of going public as it optimistically hopes to defeat the SEC in the legal battle.