The ongoing legal battle between the SEC (The United States Securities and Exchange Commission) and Ripple continues to take place, with constant developments. While it is true that Ripple seems to gradually be gaining the upper hand, the battle is still far from over, and the tide could turn either way. The SEC had accused Ripple of primarily two things; the use of Ripple’s XRP token and its security-like functions and the unregistered sales of the token through which CEO Brad Garlinghouse was deriving substantial profit.
In the most recent development, however, the CEO of SBI Group, Yoshitaka Kitao, had stated that he thinks Ripple is very likely to go public after the lawsuit eventually ends. SBI Group, otherwise referred to as SBI Holdings and sometimes as Strategic Business Innovator Group, is a Tokyo-based company that specializes in offering financial services.
Chris Larsen wants Ripple to go public
It had been during a presentation call discussing various earnings that Kitao had claimed Ripple would go public after the SEC lawsuit is finally settled. He added weightage to his claim by adding that Chris Larsen himself has plans to eventually have the company move in this direction.
In related news, Brad Garlinghouse had stated that Ripple should be at the forefront of the IPO (Initial Public Offering) explosion that had occurred in Davos back in January of last year. He said, “from now until next year, we are very likely to bear witness to IPOs within the blockchain and cryptocurrency space, and that although Ripple may not be the first and last to do this, we will nevertheless focus on becoming the leader as such a decision is only the next logical and natural step for the company”.
It should be mentioned that these aforementioned plans have unfortunately been shelved for the most part. The simple reason for this is because although shares of the Coinbase crypto exchange are indeed trading on Nasdaq shortly after Coinbase had decided to go public itself, Ripple is still caught up in the SEC lawsuit, and such plans will have to be put on hold till the legal battle is definitively resolved.
Support for Ripple from SBI
SBI Group is actually the biggest external Ripple shareholder and has been supportive of Ripple for a long time now. In Japan, the XRP token is officially viewed as a cryptocurrency asset.
Kitao also expressed his continued support for Ripple when he stated that the SEC lawsuit would not be having any kind of adverse effect on XRP and the relationship with Ripple as far as international dealings are concerned.