Ripple CEO Brad Garlinghouse said the company is more focused on its initial public offering (IPO) after the lawsuit
Ripple and other alternatives are increasingly being advocated alongside established industry players like SWIFT. Ripple, on the other hand, claims to have loftier goals than SWIFT’s successor.
Ripple Not Focused On Just Replacing SWIFT
Ripple runs RippleNet, a network that allows anybody to transmit, exchange, and deal in cryptocurrencies across borders. This competed directly with the SWIFT banking system (Society for Worldwide Interbank Financial Telecommunications).
The Arab Monetary Fund’s advisory group offered RippleNet as a direct alternative to SWIFT.
In March, The Clearing House, a well-known partner, joined forces with Wells Fargo (an American multinational financial services company) to develop a new instantaneous payment system to challenge SWIFT’s dominance.
XRP also become a member of the Digital European Association (DEA), a globally renowned organization, to work on CBDCs.
Ripple To Look Into IPO After Lawsuit
Last week, Brad Garlinghouse, the CEO of Ripple, said the company is likely to look into an initial public offering (IPO) once the SEC’s lawsuit against Ripple Labs is over, as reported by Coinscreed.
Even though the lawsuit has been going on for almost 15 months, Garlinghouse said that the company is ready to go public because it has been getting stronger even while the lawsuit has been going on. More and more new customers, mostly from outside the U.S., have been joining the company.
The CEO also said that he doesn’t think most cryptocurrencies will make it into the future.
Updates On The Ongoing Lawsuit
According to the SEC Brad Garlinghouse, and executive chairman Chris Larsen are accused of selling XRP in an improper securities offering.
According to defense counsel James K. Filan’s most recent updates on the XRP SEC action, “Both parties have agreed upon a fee award in connection with the Metz Supplemental Report and Deposition and the SEC is working with the Defendants to make the required payment. The amount of the award has not been disclosed.”
As previously reported by Coinscreed, Judge Analisa Torres gave the SEC’s legal team until June 7 to argue against XRP holders’ plans to step in.
At first, May 31 was the deadline. But because of a holiday coming up and other briefing deadlines, the SEC asked for more time.
On May 21, CryptoLaw founder John Deaton filed a motion to participate in an upcoming challenge to an expert who claimed to know why people buy XRP. The SEC has until June 7 to raise an objection, and any answer must be received by June 10.
