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Yoshitaka Kitao, the CEO of Japanese financial giant SBI Group, said that Ripple would go public

Despite the ongoing lawsuit between the US Securities and Exchange Commission (SEC) and Ripple, Yoshitaka Kitao, CEO of Japanese financial giant SBI, unexpectedly announced that Ripple will open for IPO shortly.

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SBI Group Group CEO Yoshitaka Kitao

SBI Group CEO believes that Ripple will launch an IPO following the lawsuit with the SEC

SBI Group is Ripple’s largest external shareholder. The company has long been a strong advocate of XRP, seen as a cryptocurrency asset in Japan.

The ongoing lawsuit between the SEC and Ripple Labs has yet to come to an end. In it, the SEC is seeking to prohibit defendants from looking for irrelevant documents, especially those that are privileged by SEC employees. Furthermore, Ripple also accuses the SEC of submitting reconsideration requests, despite having committed twice to providing written responses to ongoing discussions.

The defendants also reasserted that the SEC’s arguments against the discovery of their documents were unfounded. In it, Ripple Labs and its executives added that the regulator ignored this explicit Court directive requiring the SEC to present privileged information. At present, it is not possible to say which side has the upper hand. However, Ripple is probably still doing well, even expanding into the Pacific.

And for the time being, Ripple will probably follow Coinbase’s path when it launches an IPO. This is information revealed by Yoshitaka Kitao, CEO of Japanese financial giant SBI at a recent meeting.

Yoshitaka Kitao revealed that co-founder Chris Larsen wants the company to go in such a direction:

“After the current lawsuit, Ripple will go public…Chris wants to do that.”

Ripple CEO Brad Garlinghouse claims that his company will be at the forefront of the IPO boom in Davos in January 2020:

“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.”

However, these plans may have been put aside. While crypto exchange Coinbase shares have been traded on the Nasdaq, Ripple is currently in a terrible legal battle with the SEC.

As a longtime partner of SBI, its shareholders can receive XRP tokens as a benefit for the second year in a row. Back in December, Kitao also revealed that Ripple’s legal predicament in the US won’t have any major impact on its business transactions globally. Meanwhile, Ripple insisted that the SEC had to release its internal communications in a recent letter to Judge Sarah Netburn. The issue will be discussed in another telephone conference scheduled for April 30.

You can see the XRP price here.

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