By Hassan Mehmood (Saudi Arabia)
The Ripple Labs has become desensitized to the ongoing SEC lawsuit. Chris Larson, the co-founder of the blockchain project, told the media a few days ago that crypto regulations are a necessary and natural part of the process. It seems that getting delisted from most major crypto exchanges and getting dragged in court has not jolted XRP from its feet. The controversial cryptocurrency has managed to stay in the media more often and has been getting regular gains.
Recently, Yoshitaka Kitao, CEO of the SBI Group, which has been the biggest non-American supporter of the company during the tough times, has announced that Ripple Labs would be filing for a public listing as soon as they can wrap up the SEC lawsuit. SBI Group is the Japanese financial behemoth that has assisted Ripple Labs to get a foot into the Asian markets.
The statement made by Kitao is not just general good news for the Ripple Labs. It is also sending a strong message to the SEC that has been trying to send MOUs to foreign exchange regulators to collect more evidence against the company. Ripple Lab’s solicitors have also called this strategy a way of pressurizing the non-American partners of the crypto enterprise. It seems like SEC is trying its best to keep the lawsuit running.
On the other hand, Ripple Labs has not only filed a motion in court to dismiss the case altogether, but they also seem to make plans for future growth already. The confident movement of the company has been endorsed in the market. The news of the IPO by the Japanese financial tycoon was followed by a 17% price appreciation for XRP within 24 hours.
Is the Lawsuit over?
It seems like Ripple Labs is always one step ahead of SEC and made up its mind to get out of the lawsuit in one piece. Chris Larson expressed an interest in going public last year. A few days ago, he exclaimed that it is the eventual destination for any crypto enterprise.
In his tweets, he has opined that IPOs would become more common for crypto-based companies as time passes. After Coinbase’s public listing on NASDAQ, Bakkt and Kraken are some noteworthy names in the crypto-verse that have expressed an interest in the public listing. On the other hand, the US government is still not clear about the type of regulations that would be implemented on cryptocurrencies.
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