Ripple CEO Says Firm Could Go Public Once SEC Case Is Resolved
- Ripple Labs CEO Brad Garlinghouse has confirmed his company’s plans to go public.
- The only stumbling block is the firm’s legal bout with the U.S Securities and Exchange Commission (SE).
Again, Ripple Confirms Plan To Go Public
Garlinghouse made this known during a Wednesday talk at the Consensus by CoinDesk 2021 conference. The CEO was asked whether Ripple would become a public company, to which he replied that the likelihood is “very high at some point.”
This is not the first time Ripple’s intended IPO plans would be reported. Garlinghouse first floated the idea in January 2020 when he said he expected to see many IPOs in the crypto space in the coming months.
Last month, one of Ripple’s largest shareholders, Yoshitaka Kitao, Japan’s SBI Group CEO, also revealed Ripple’s intention to go public once the SEC lawsuit is resolved on an earnings call. The news sent XRP surging to 14%, trading at $1.61 at the time.
The SEC and Ripple lawsuit started in December 2020 when the regulator alleged that Ripple had conducted an ongoing and unregistered securities sale via its native token XRP.
Several motions have been filed back to back as the case is still in its discovery phase. During this time, the blockchain company has had a few victories where motions were ruled in its favor.
XRP Not Inflationary Like Bitcoin and Ethereum
Garlinghouse has often sought clarity on what basis the SEC decided that Bitcoin and Ethereum are commodities, while XRP is a security.
He has always argued that the XRP is a better token than Bitcoin and Ethereum. In a recent interview, the Ripple boss argued that one of XRP’s advantages over BTC and ETH is that it is a zero inflationary token because it is pre-mined. BTC 5.38% Bitcoin / USD BTCUSD $ 37,870.33
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According to Garlinghouse, the XRPL’s consensus algorithm prevents creating more tokens which set it apart from proof of work (PoW) cryptocurrencies like Bitcoin and Ethereum that are still being mined.
Meanwhile, Ripple has continued to make massive moves despite its SEC lawsuit. The company signed over 20 contracts this year, thanks to its growing foreign customer base, especially in Asia.