- The SEC filed a lawsuit against Ripple in December.
- Kitao said that after the lawsuit Ripple will go public.
- The ongoing case is favored by Ripple.
The Security and Exchange Commission(SEC) formally filed a lawsuit against Ripple in December for $1.3 billion in sales of an unregistered security.
One of the cryptocurrency companies Ripple has not given up on its plans to go public. Ripple operates a peer-to-peer payment platform; it uses XRP as its in-house token it is called as RippleNet. RippleNet makes secure and quick transactions over any form of currency.
One of the leading Japanese financial firms SBI Group CEO Yoshitaka Kitao said that after the ongoing SEC lawsuit Ripple will go public and said that the ripple CEO and executive chairman Brad Garlinghouse and Chris Larsen are also planning to take ripple public.
SBI’s investment in Ripple would pay off following a potential public listing; this was said by the SBI Group CEO with the note that SBI is the largest outside shareholder of Ripple and predicted that the R3 blockchain consortium. The industry supported by SBI will also go public one day.
Yoshitaka Kitao said,
” We have been investing in fintech companies and we adopt that technology in our group, and we spread that technology across the industry. That is SBI Group’s basic strategy.”
Since January 2020, the company has been planning to go public that the CEO of Ripple Brad Garlinghouse has hinted that over the next 12 months Ripple might conduct an IPO and, he noted that IPOs would soon become common in the crypto and blockchain spaces. And he said that going public was a natural evolution for Ripple.
Moreover, Ripple faced multiple lawsuits in 2020, When the SEC charged Ripple and two of its executives with the unregistered sale of XRP is the biggest case. Recently the case has favored Ripple, hence these small victories might be the reason behind Ripple achieving its dream to go public.