The SEC filed a lawsuit against Ripple Labs, the company behind the cryptocurrency XRP. This came after regulators alleged that Ripple was not registered as a security with the SEC.
Ripple has been under fire lately. The SEC has filed a lawsuit against the company for fraud, and is now looking to have them go public after the case is settled. Read more in detail here: ripple: sec lawsuit update.
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- In December, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple.
- Ripple will go public after the litigation, according to Kitao.
- Ripple is in support of the current case.
In December, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple for $1.3 billion in unregistered securities sales.
Ripple, one of the cryptocurrency firms, is still planning to go public. Ripple has a peer-to-peer payment network called RippleNet, which utilizes XRP as its in-house currency. RippleNet allows for safe and fast transfers in any currency.
SBI Group CEO Yoshitaka Kitao, one of Japan’s top financial companies, said that Ripple would go public after the current SEC litigation, and that Ripple’s CEO and executive chairman Brad Garlinghouse and Chris Larsen are also intending to go public.
SBI’s investment in Ripple will pay off after a possible public offering, according to the SBI Group CEO, who also noted that SBI is Ripple’s biggest outside shareholder and anticipated that the R3 blockchain consortium would succeed. SBI-supported industries will eventually become public.
According to Yoshitaka Kitao,
” We’ve been investing in fintech firms, and we’ve adopted and disseminated that technology across the sector. That is the fundamental approach of the SBI Group.”
The business has been preparing to go public since January 2020, and Ripple’s CEO, Brad Garlinghouse, has indicated that an IPO might happen within the next 12 months, noting that IPOs will soon become popular in the crypto and blockchain sectors. He also said that Ripple’s decision to go public was a logical progression.
Furthermore, Ripple was hit with a slew of litigation in 2020, the most serious of which was the SEC’s accusation of Ripple and two of its officials with the unregistered selling of XRP. The lawsuit has recently benefited Ripple, thus these minor wins may be the reason Ripple achieves its goal of becoming public.
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On August 23rd, 2018, the SEC dropped their lawsuit against Ripple. This means that Ripple will go public after the lawsuit is dropped. Reference: xrp lawsuit dropped.
Frequently Asked Questions
Will Ripple go public after lawsuit?
Ripple is not going to go public after the lawsuit.
What is going on with Ripple lawsuit?
On August 27, 2018, the U.S. District Court for the Northern District of California ruled in favor of Ripple Labs Inc., ruling that XRP is not a security under the Howey test.
Did Ripple win the lawsuit?
Unfortunately, the lawsuit was dropped.
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