Ripple Labs has started to struggle once again with the legal curveballs from prosecution in the ongoing SEC Lawsuit. The company has recently called on board a tag team of wonder women to safely help them get out of the troubled waters and provide support for the expansion of the recent operations. The first recruit is Rosa Gumataotao Rios, who served as the US treasury secretary under the Obama administration. Rios was also head of the department at Fort Knox and Bureau of Engraving and Printing.
The next candidate is Kristina Campbell. She has served as a former executive at Green Dot and PayNearMe, which are both fintech-centric service providers. Rios is also known to be an avid women’s rights activist. These appointments point towards Ripple’s attempt to reconcile their public image.
Ripple Labs is Getting Ready for a Long Term Legal Battle
Under her new capacity as the Board of Director at Ripple Labs, Rios states about her recruitment as a new challenge that would be added to her long list of conquests in terms of financial inclusion and freedom advocacy. She also said that Ripple Labs had set a precedent for being the blockchain-centric enterprise that knows how to make use of its digital tokens in the market. She is positive that it would be a great accomplishment to introduce an innovative fintech panacea for XRP.
Meanwhile, Brad Garlinghouse, the prosecuted executive of Ripple Labs, seems to garner great expectations from their recruits. He said that the background and experience that Rios brings to the table would prove invaluable exposure to the Ripple Labs. About Campbell, he is certain that her position in the sought-after fintech organizations would accelerate the business growth and it would encourage teamwork.
The Tug of War between SEC and Ripple Labs Continues since Last Year
SEC is holding on to the Ripple Labs case since December 2020. The agency is insisting on proving Ripple Labs token XRP as an unregistered security. Ripple Labs has called for the SEC internal communication that sets apart Ethereum’s and Bitcoin status to be different from XRP. However, Magistrate Judge Sarah Netburn has only allowed disclosing the ‘third-party to SEC’ communications thus far.
Another challenge that Ripple Labs would have to prepare for is that SEC is moving to disqualify the 16,000 XRP Investors. Under the command of senior attorney John Deaton, the XRP movants are fighting for a chance to get a seat at the court under the capacity of third-party defendants. Even though the motion was granted a few days ago, SEC has recently filed a counter-motion to refute it.