Ripple Announces A New President As SEC Lawsuit Continues To Progress

January 30, 2023 3:51 pm Comments

Ripple’s lawsuit with the SEC has been ongoing for roughly the last 2 years, but that has not stopped the company from growing and evolving.

Recently, the company just announced Monica Long as the new president of the company who had previously served as the senior vice president ad general manager of Ripple.

The leadership announcement came out on January 27 and it is expected that she will play a critical role in Ripple’s mission to develop crypto-enabled services such as settlements and liquidity.

Her previous experience had enabled the success of Ripple’s On-Demand Liquidity service which had experienced skyrocketing demand from financial institutions all around the world.

This was one of the key reasons why Ripple was able to continue to grow rapidly as the company had reached new records when it comes to processing cross-border transactions that totaled around $30 billion.

Finbold reports:

Indeed, the focus has turned to Ripple’s leadership as the company awaits the fate of the case in which it has been sued by the SEC for selling unregistered securities in the form of XRP tokens.

Notably, the outcome of the case is projected to have an impact on the company alongside the general crypto space.

However, the company’s leadership under Garlinghouse has expressed confidence in winning the matter.

Under the latest update, parties and interested entities have made final briefings, with the focus turning on the presiding judge.

Although there is increased speculation regarding the possible outcomes, legal experts have maintained that predicting the case remains challenging since both parties have an almost equal chance.

Long had been a part of Ripple back when the company only had around 10 employees which makes her a veteran in both the company as well as the crypto space.

The new appointment is expected to enable Ripple to continue to survive and prosper throughout the crypto winter which has been going on for the past year.

In regards to the last developments on the case between the SEC and Ripple, CEO Brad Garlinghouse has commented that he expects a decision on the case sometime this year.

This time, the prediction seems quite certain as it is rare for such cases to drag beyond 3 years and this is a case that will have significant impacts on the broader crypto industry.

The case will ultimately determine how crypto assets are defined legally and will conclude whether or not XRP should be considered security.

TheCryptoBasic concludes:

The recent development comes up amid Ripple’s long-standing legal battle with the SEC which has done little to stunt the technology company’s growth.

Optimism is dominant in the Ripple camp, as several individuals, including CEO Garlinghouse, remain confident of a favorable ruling. Garlinghouse also believes the case is likely to end in the first half of the year.

Most recently, Investment Banker Declarant – a non-party in the litigation – filed a response to Ripple’s opposition to their initial request to redact their personal information from a declaration in support of the SEC.

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