Ripple, amidst an ongoing SEC lawsuit, has revealed plans sparking optimism. In the recent Fortune Brainstorm Tech 2024 discussion, the firm’s CEO, Brad Garlinghouse, revealed the firm’s share-buyback plan. Further, insights on the company’s IPO plan were also shared.
Ripple’s Strategic Move
The CEO revealed Ripple’s strategic move to repurchase $1.4 billion worth of shares from investors and employees, which comes at a critical time for the company when it’s battling SEC’s allegations. The buyback is viewed as a sign of confidence in the firm’s long-term prospects. He stressed that the buyback is part of a series of tender offers, displaying the firm’s commitment to its stakeholders.
Garlinghouse’s comments highlighted the importance of this move indicating that it was a strategic decision rather than a reactionary one. Investors view this as a positive step, signaling the company’s financial stability and growth potential.
Also, Ripple’s decision to proceed with the buyback in spite of the legal challenges shows its resilience. Besides, he also said that the share buyback plan is a new development that had not been disclosed publicly before.
Ripple’s IPO Plans
About Ripple’s IPO plans, Brad Garlinghouse clarified that the firm does not have imminent plans to go public, noting the current regulatory environment. While he pointed out that there was clarity over XRP’s status as a non-security after a federal judge’s ruling, on the other side, he expressed frustration over the lack of clarity for other cryptocurrencies in the US.
Furthermore, the Ripple CEO expects a resolution of the longstanding case with the SEC. In a recent Bloomberg interview, Garlinghouse explained that while he expects a resolution on the last piece with the SEC, but he can’t predict when the judge will give a final ruling.
SEC Cancelled Closed Door Meeting
In major news for the XRP community, the SEC canceled a closed-door meeting scheduled on July 18. While the meeting was not particularly focused on Ripple, the back-to-back closed-door meeting and Ripple transfer of 150 million XRP raised speculation of settlement in the community. While no reason was cited behind the cancellation of the secret meeting, market participants believe it’s likely due to the spot Ethereum ETF approval process.
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