by Reza Ali
In an interview with Bloomberg Brad Garlinghouse revealed the completion of Ripple’s long SEC fight while presenting its future plans. During the interview discussion Ripple’s CEO discussed plans for an IPO alongside XRP’s transformation and predicted crypto trends.
Ripple CEO Brad Garlinghouse informed us that the SEC stopped fighting their losing case because XRP itself does not qualify as a security. In December 2020 the legal dispute with SEC harmed both Ripple’s daily business activities and damaged XRP’s position as a cryptocurrency.
Garlinghouse declared summer 2023 as our successful result in the key parts. According to Judge Torres XRP exists as a non-security asset. SEC representatives accepted earlier this year to let go their current appeal of court decisions that indicate XRP itself doesn’t represent a security.
Garlinghouse Advocates XRP’s Place in Reserves
Ripple now leads its legal strategy because even though it still made a cross-appeal the company reached a pivotal victory over XRP security concerns. He reports that negotiations remain active about getting back the $125 million held in escrow because it was withdrawn when Ripple sold XRP to institutional clients.
The $125 million fine remains in possession of an escrow agent. We would eagerly accept the funds back into our control. Those terms are currently being discussed he said. During an interview Garlinghouse explained that XRP might become part of a federal cryptocurrency store. Despite government plans to create Bitcoin and Crypto Stockpile reserves nothing within the executive order mentions that XRP would be included.
According to Garlinghouse XRP naturally suits this purpose. From my information a Bitcoin Strategic Reserve will exist. He believes XRP should be part of the crypto stockpile since it will exist alongside other cryptocurrencies. Garlinghouse expects the SEC to grant approval to ETFs that directly invest in XRP.
Garlinghouse disclosed that Bitwise and Franklin Templeton together with several other asset management companies plan to launch XRP-based ETFs which will be approved by the SEC this year. He disclosed 11 pending applications at the SEC for launching ETFs. From his perspective spot XRP ETFs will become operational in the late stages of 2025.
Ripple Plans Acquisitions Amid Crypto Consolidation
Investors keep providing assets to XRP-based funds even though they sometimes take their money away from crypto products. Garlinghouse pointed out that XRP maintained its market strength beyond the SEC legal challenge. Garlinghouse demonstrates that Ripple could pursue an initial public offering but emphasizes that doing so is not crucial at present.
“It isn’t a huge priority. Companies tend to pursue an IPO mainly because obtaining more capital stands as their main focus. We have built our business growth without outside investments according to Garlinghouse.
Ripple makes acquisitions because the crypto market heads toward merger. Garlinghouse said Ripple plans to purchase blockchain providers when US regulations become more defined. My outlook shows companies will merge operations during this year. Despite the present market growth we will pursue these business opportunities actively.
After starting last year Ripple has made good progress with its stablecoin RLUSD since its launch in late 2018. Garlinghouse reveals that RLUSD has topped projected growth figures while striving to take over the stablecoin market leadership position. He declared that RLUSD intends to rank among the top five stablecoin providers across the market by December 2023 because consumer demand grows with new stablecoin regulations.
After winning its legal struggles and entering more stablecoin deals Ripple could grow substantially under the guidance of Garlinghouse. As of today XRP holds a trading value of $2.44 because investors continue to show interest in its market progress.
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