The Chief Executive Officer of Ripple Lab, Brad Garlinghouse has confirmed that the firm still plans to go public after the lawsuit against the Security and Exchange Commission.
The CEO made the reiteration while speaking at Consensus 2021 on Wednesday. He said the plan was initially to go public in 2020, however, SEC’s allegations that it had conducted unregistered security offering late in the year paused the plans.
However, he notes that plans are still in top gear for their launch in the stock market after the legal battle between them and the SEC is settled.
Ahead of Brad Garlinghouse‘s formal announcement, Yoshitaka Kitao, the CEO of SBI Group one of the largest Ripple partners, revealed earlier that the payment processor will go public after the SEC lawsuit.
Ripple vs SEC: As things sway Brad Garlinghouse side
The latest by Brad Garlinghouse may be another wing added to the feather of Ripple Lab in its current legal fight with the Security and Exchange Commission (SEC) over XRP.
The XRP developer had already recorded a few minor wins as the court ordered the Commission to provide documents on BTC and ETH and disallowed the agency from accessing the personal financial info of Ripple’s executives.
Judge Netburn sided with Ripple ordering the SEC to withdraw its six subpoenas sent to banks requesting personal financial information from company executives as Ripple registered another win in its ongoing legal battle during the last hearing.
It marked Ripple’s second court win during that week against the SEC after the Judge allowed the firm to receive access to SEC’s internal discussions about Bitcoin (BTC) and Ethereum (ETH).
Possible outcome on lawsuit
The SEC vs. Ripple lawsuit is considered by many as an example of an unwelcomed outcome of what is seen as inconsistent regulatory action. One of Ripple’s key arguments is the “lack of due process and fair notice” affirmative defense.
It is possible that this lawsuit will fail to clarify the nature of XRP as it seems that Ripple Labs may be pushing for a Summary Judgement on its lack of due process and fair notice affirmative defense. A potential outcome is that no one could be sued after that.
The lawsuit has a few more events scheduled this month, including Ripple Labs filing its response to the SEC’s motion for a discovery conference concerning privileged materials. On May 28, the regulator will reply to that.
Today, however, the SEC will reply to Ripple’s opposition brief to the SEC’s motion to strike Ripple’s Lack of Due Process and Fair Notice affirmative defense.