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Ripple Labs has announced the appointment of a new chairperson for the US Securities and Exchange Commission (SEC) A legal case against the cross-border payments platform is coming to an end.
in a modern ripple blog postThe company announced the promotion of Monica Long to the position of President. Long rose to the highest position in the company after years of service as Senior Vice President and General Manager of Ripple. Speaking about the appointment, Ripple CEO Brad Garlinghouse said:
Even in the current challenging crypto environment, Monica has helped steer Ripple to a very unique place of growth and financial strength. She has been a helpful advisor to me over the years, and I am grateful to have the opportunity to partner with her more closely as she embarks on her role as President.
Monica Long’s tenure at Ripple
Ripple brought in Monica Long as Director of Communications around 2013 when the company had just ten employees. After seven years of professional service and excellence, she was promoted to General Manager in 2020. Long also has a history of working on the blockchain development side of Ripple’s business, RippleX, and the company’s financial network, RippleNet.
He has long led the development of Ripple’s On-Demand Liquidity (ODL) solution, which launched in 2018 and is defined as “Ripple’s flagship product.” The company also added a similar service called Liquidity Hub in 2022, indicating that the company will continue to expand this service. It should be noted that over 60% of RippleNet’s payment volume was sent through ODL last year.
In her final comment, Monica Long said she’s eager to start as the company’s new president, adding: “More than half of my career has been in crypto — and most importantly, at Ripple. I’m incredibly honored and ready to start serving as president.”
More than half of my career has been in cryptography – and most importantly, in @ripple. Incredibly honored and ready to begin serving as President. Thank you @employee And @employee For the opportunity of a lifetime! https://t.co/7gXZJZwLNN
– Monica Long (@MonicaLongSF) January 27, 2023
Ripple’s presidency has been a somewhat unclear position thus far, as the title has been attributed to both co-founders Brad Garlinghouse and Chris Larsen at different times. Still, Long’s upgrade comes at a good moment for the company.
Regarding RippleX, Long noted that the automatic market maker specification will be up for voting by auditors this year.
Monica Ripple long to continue expansion despite crypto winter
Monica Long also said that Ripple has seen record growth over the past few months despite the continuing bear market. In a statement to a news site, she said:
It is the task of continuing to expand. […] We’ve gone too far [crypto] Winter, and with this, we’re coming off a record year of business and customer growth.
She also added, “We are continuing to grow our team in this environment.”
ripple vs. SEC case closing soon
Close Ripple vs. The SEC case appears to loom large after Ripple submitted its half-blown response to the SEC’s opposition in court to a summary judgment request.
At first , The Securities and Exchange Commission has filed a lawsuit against Ripple Labs In December 2020, the payments platform allegedly issued XRP as an unregistered security, indicating that it was still not registered. The court has allowed the parties to file an amicus brief in favor of Ripple or the SEC, with November 30, 2022 set as the deadline. Both entities were expected to provide responses to the move that Ripple followed in the first place.
It should be noted that an Amicus is an individual or organization that is not a party to a proceeding but has volunteered or been invited to court to provide advice on a matter before the court.
Earlier in the month, Ripple’s Garlinghouse said the chances of Ripple settling with the SEC are “almost zero,” noting that the legal case could be concluded sometime in 2023. In his words:
We certainly expect a judge’s decision in 2023. But you don’t really have any control over when a judge makes their decisions.
Garlinghouse also said, “I’m optimistic that at some point in the next single-digit number of months, we’ll have a shutdown.”
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