Ripple CEO Brad Garlinghouse has revealed the fintech firm is highly like to go public after it settles the lawsuit the U.S. Securities and Exchange Commission (SEC) filed against it alleging the firm and two of its executives “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
Speaking at Consensus 2021, Garlinghouse said the company first started looking into how it could become publicly traded in early 2020, but noted that the SEC’s lawsuit hindered its plans. While it still plans on being listed on an exchange, it hopes to do so after it resolves its lawsuit with the SEC.
The company has so far registered a few minor victories, as the court ordered the SEC to provide documents on other cryptoassets and disallowed the regulator from accessing the personal financial information of Ripple’s executives. Garlinghouse said:
The likelihood that Ripple is a public company is very high at some point… In the middle of an SEC lawsuit, you know, we need to get that closed out.
Last month, the CEO of SBI Group, Yoshitaka Kitao, also said the company would go public after the SEC’s lawsuit was resolved. The SBI Group is a well-known Ripple partner that earlier this year announced it was adding XRP to its cryptocurrency lending service, showing the company was still supporting XRP even after the lawsuit was filed.
In a separate interview, Garlinghouse commented on Ripple’s inclusion in the “disruptive 50” list of this year, and claimed the XRP token has several benefits over the top two cryptocurrencies: Bitcoin and Ethereum.
The CEO argued that transactions with the cryptocurrency are cheaper and faster than on other networks, and pointed out XRP is significantly greener than BTC. He admitted Ripple has a significant amount of XRP tokens, but claimed these have “zero inflation dynamics” because every XRP token has been created and no more can be created.
On the other hand, bitcoin is still being mined until it hits its 21 million cap, while ETH has no limited supply.
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