- Brad Garlinghouse, the CEO of payments giant Ripple is very confident on the outcome of the SEC v. Ripple lawsuit.
- Garlinghouse pointed out that Ripple is willing to settle with the SEC as long as the payments firm gains clarity on XRP.
- Bank of America is a huge partner of Ripple and ready to gain competitive advantage over peers once the lawsuit is settled.
Brad Garlinghouse is confident of a positive outcome for Ripple in the SEC v. Ripple case. The Ripple CEO made it clear that the crossborder payment settlement firm is ready to settle as long as it gains clarity on XRP.
Ripple CEO confident on outcome of legal battle with the US SEC
Brad Garlinghouse, told traders that the payment giant is ready to settle with the US Securities and Exchange Commission (SEC). Ripple seeks clarity on the status of the XRP token. While the regulator alleges that XRP is a security, Ripple argues that it is a cryptocurrency similar to Ethereum and Bitcoin.
The SEC alleged Ripple’s executives of profiteering from the sale of XRP tokens. Ripple is ready to settle and the payment giant has partnerships with banking giants lined up.
Nick Burrafato, Director of Member Sales at Linqto reported in a tweet about a face-to-face conversation with Ripple CEO Brad Garlinghouse at Ripple Swell 2022 in London. Burrafato said:
I met him first in Singapore in 2009, and he’s even more confident today than he was back then. He made it clear that they are ready to settle with the SEC as long as they can get clarity on XRP.
Bank of America stands to gain competitive advantage through Ripple’s use
The Linqto employee asked Garlinghouse whether there are companies waiting for the legal battle SEC v. Ripple to end. Garlinghouse specifically mentioned his partnership with Bank of America.
Ripple Labs CEO Brad Garlinghouse stated to Linqto Director of Member Sales Nick Burrafato at Ripple Swell 2022 in London that "Bank of America is going to gain a competitive advantage when the SEC v Ripple case settles, by using ODL in the marketplace." https://t.co/y8g5cOdYZT pic.twitter.com/RDzGgmj8GV— Linqto (@linqtoinc) November 21, 2022
Garlinghouse reportedly said,
Bank of America is a huge partner of Ripple. Bank of America stands to gain really big when the settlement happens because they are gonna have a huge competitive advantage over their competitors by using ODL and the marketplace.
In April 2020, Julie Harris, Head of Global Banking at Bank of America confirmed the partnership with Ripple in an episode of Bank of America’s “Treasury Insights” podcast. Harris said Bank of America’s first goal is that customers can do anything, anytime, anywhere. This is not about the platform and its capabilities, it's about the client and infrastructure.
Harries elaborated that the fintech firms that the bank partners with meet strict legal and compliance requirements.
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