Talks about Ripple potentially launching an initial public offering (IPO) have gained traction. Responding to a social media post celebrating XRP’s rise to the sixth-largest cryptocurrency by market capitalization, SBI Holdings CEO Yoshitaka Kitao stated on social media platform X on Saturday, as translated by Google:

Ripple should begin preparing for its IPO as soon as possible once the SEC matter is resolved.

SBI Holdings, a major Japanese financial services entity, has been aligned with Ripple since 2017 to advance cross-border payment innovations. Kitao, a central figure in the Ripple-SBI collaboration, joined Ripple’s Board of Directors in April 2019. His longstanding support of Ripple and XRP dates back to 2017 when he projected XRP as a global standard for digital currency, emphasizing its efficiency, low transaction costs, and scalability. Under Kitao’s direction, SBI integrated Ripple’s solutions into its operations. This partnership has been instrumental in expanding Ripple’s presence in Japan and across the Asia-Pacific.

Ripple CEO Brad Garlinghouse has previously downplayed the urgency of pursuing an IPO. Highlighting the company’s robust financial health, he argued that Ripple does not currently need to raise funds via public markets. Additionally, Garlinghouse pointed to the challenging regulatory environment in the U.S., largely shaped by ongoing disputes with the Securities and Exchange Commission (SEC), as a deterrent to IPO plans. Although Ripple explored international IPO prospects, such initiatives remain on hold.

However, more recently, Garlinghouse expressed optimism about the potential for a favorable shift in U.S. regulations. He referenced comments by former President Donald Trump, who announced his intention to replace SEC Chair Gary Gensler if reelected. Trump’s statements have been welcomed by the cryptocurrency community, which views him as supportive of crypto and blockchain innovation. Garlinghouse remarked: “We finally have a crypto president … It’s a totally new day, and I could not be happier,” underscoring the possibility of reduced regulatory constraints.

Ripple’s ongoing legal battle with the SEC remains a pivotal factor in its future. In July 2023, a federal court ruled that XRP is not in itself a security, a landmark decision for Ripple and the broader crypto sector. However, the court also found that Ripple violated securities laws in its institutional XRP sales, resulting in a $125 million penalty imposed in August. In October, the SEC filed an appeal against some of the rulings, signaling continued regulatory tension. Garlinghouse criticized the appeal, emphasizing that the law recognizes XRP as a non-security. The resolution of this legal dispute will likely have profound implications for the regulation of digital assets in the U.S.

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