US Regulator Problem Solved, Ripple Going Public

JAKARTA - Ripple (XRP), which is facing a lawsuit from the United States Securities and Exchange Commission (SEC), insists on making its company a public company.

This information was conveyed by the CEO of SBI Group, Yoshitaka Kitao. According to him, Ripple will not give up on making its wish even though there are obstacles from US regulators.

Ripple will soon become a public company when the legal problems it faces are resolved. Kitao explained that the CEO of Ripple, Brad Garlinghouse, together with Chris Larsen as chief executive, intend to make Ripple go public.

“After this lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that, ”said Kitao.

Launching Coindesk on Friday, April 30, Kitao said that the SBI investment in XRP will soon pay off. SBI is currently the largest outside shareholder of Ripple.

Kitao added that other companies supported by SBI will also follow Ripple, becoming public companies.

“We invest in fintech companies and we adopt that technology in our group and also we spread that technology throughout the industry. That is the basic strategy of the SBI Group, ”said Kitao.

Garlingouse plans to open an initial public offering (IPO) of Ripple since last year. He also said that IPOs will become more and more prevalent in the crypto industry.

“In the next 12 months, you will see IPOs in the crypto or blockchain space. We won't be the first and we won't be the last, but I hope we are on the front side. This is a natural evolution for our company, "he added.

Based on the Cointelegraph report, the SEC filed a lawsuit against Ripple Labs in December 2020. The SEC accused XRP of not listing its crypto assets for trading worth $ 1.3 billion.

Ripple Labs managed to get a legal victory over the SEC lawsuit. This raises hopes for investors that it could push the XRP price to a level higher than US $ 1.4 which hasn't been seen since last January 2018.