Yoshitaka Kitao, the CEO of the Japanese financial giant and Ripple’s largest outside shareholder, SBI Group, has revealed that the cross-border payment behemoth will go public after the legal tussle with the United States Securities and Exchange Commission (SEC).
According to Kitao during an earnings presentation call, that’s the next direction Chris Larsen wants the payment firm to go.
Kitao said, “After the current lawsuit, Ripple will go public… Chris wants to do that.”
What Did Brad Garlinghouse Say about Going Public In 2020?
It’s becoming very obvious that the current lawsuit is hampering the growth of Ripple to a reasonable extent if its development roadmap is put into consideration.
In Davos of January 2020, Ripple CEO Brad Garlinghouse spoke about the firm’s intention to go public. According to Garlinghouse, the firm would be on the leading side of the Initial Public Offering (IPO) boom.
Ripple CEO noted:
“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.”
As earlier mentioned, the lawsuit has become a barrier for such a huge plan. It’s no longer news that Coinbase, the largest US-based cryptocurrency exchange, is already trading on Nasdaq.
Ripple Responds to SEC’s Argument That Says Its Internal Documents Not Discoverable
In a filing on 28th April 2021, Ripple, in conjunction with Brad Garlinghouse and Chris Larsen, responded to the SEC’s argument in relation to the claim that its internal documents are not discoverable.
In the document, Ripple urged the court to decline to reconsider the SEC’s arguments that internal SEC documents are categorically irrelevant and need not be logged, citing the fact that the court has on 6th April heard and rejected the SEC’s arguments.
Ripple added that the SEC’s arguments against the discovery of its documents still lack merit.