• Ripple’s Goals Exceed Replacing Swift as Firm Eyes IPO Amid Lawsuit

  • Alternatives such as Ripple are being promoted alongside established market participants like as SWIFT. Ripple, on the other hand, claims to have loftier goals than SWIFT’s successor.

    RippleNet is a platform that enables anyone to transmit and exchange cryptocurrencies as well as conduct cross-border transactions. This directly competed with the SWIFT banking system (Society for Worldwide Interbank Financial Telecommunications). The advisory committee of the Arab Monetary Fund proposed RippleNet as a direct alternative to SWIFT.

    In March, The Clearing House, a well-known Ripple partner, collaborated with Wells Fargo (an American multinational financial services company) to develop a new instantaneous payment system to challenge SWIFT’s dominance. Ripple has also joined the Digital European Association (DEA), a globally recognized organization, to cooperate on CBDCs.

    Ripple CEO Brad Garlinghouse has stated that the company will consider an IPO if its dispute with the Securities and Exchange Commission is concluded. According to the SEC, Ripple, Brad Garlinghouse, and executive chairman Chris Larsen are accused of selling XRP in an improper securities offering.

    Updates on the SEC complaint against Ripple

    According to recent updates provided by defense attorney James K. Filan on the Ripple SEC action, “Both sides have agreed on a fee award for the Metz Supplemental Report and Deposition, and the SEC is working with the Ripple Defendants to make the necessary payment. The award amount has not been disclosed.”

    As previously stated, some submissions are likely in the month of June. The SEC’s response to Ripple’s motion to force the agency to respond to certain admission requests is due on June 2, 2022, and the Ripple defendants’ response is due on June 13, 2022. On May 21, CryptoLaw founder John Deaton filed a motion to participate in an expected challenge against an expert who claimed to know why XRP holders bought the cryptocurrency. By June 7, the SEC must file an objection to this motion, and any response must be sent by June 10.

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