Ripple, the company behind XRP, is locked in a fierce battle with the Securities and Exchange Commission (SEC), disputing the penalties imposed by the regulatory body. Ripple asserts its compliance with the law while contesting the SEC’s hefty demands.
Legal experts offer varied timelines for resolution, with some anticipating a quick end while others brace for a prolonged legal showdown.
David Schwartz, Ripple’s Chief Technology Officer (CTO), recently opened up about his deep loyalty to the company. Reflecting on past decisions, Schwartz expressed regret over choosing company stock over XRP.
Handpicked by Ripple’s founder, Chris Larsen, for his unwavering dedication, Schwartz clarified that his allegiance lies with Ripple itself, not any individual within the organization. He hinted at the possibility of stepping back if his passion wanes, amidst discussions surrounding Ripple’s shares and an upcoming IPO.
Amid preparations for Ripple’s IPO, Schwartz highlighted the liquidity gap between Ripple’s shares and XRP. He underscored XRP’s superior liquidity compared to privately-held company stocks, sparking debates within the XRP community about the potential implications of an IPO on Schwartz’s portfolio and his stock holdings.
Turbulent Journey
XRP’s value surged to $3.84 in 2018 before facing significant declines amidst market volatility and legal challenges from the SEC. Despite setbacks, XRP maintains its position among the top cryptocurrencies, bolstered by Schwartz’s enduring confidence in its long-term potential. Analysts, however, offer mixed forecasts about its future trajectory.
Read more: XRP Price Milestone: Ripple CTO Touts 1500% Growth Over Seven Years
Schwartz considers selling some stocks as options approach expiration, while Ripple’s plans for a U.S. IPO are on hold due to the legal standoff with the SEC. Despite the uncertainty, CEO Brad Garlinghouse remains optimistic, fueled by Ripple’s $11 billion valuation and ongoing investor engagements.
XRP’s price increased by 6% because Ripple is disputing the SEC’s late submission of expert materials in court. Ripple has asked the court to ignore the SEC’s recent expert reports, saying they were submitted too late and contained important financial details. Defense lawyer James Filan talked about this, and as a result, XRP’s price went over $0.55, making its weekly increase more than 10%.
Read more: Ripple vs. SEC: Ripple Labs Fights Back Against SEC’s “Surprise” Witness
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