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Ripple Labs has announced the ascension of a new president as the United States Securities and Exchange Commission’s (SEC) legal case against the cross-border payments platform approaches the end.
In a recent Ripple blog post, the company announced the promotion of Monica Long to the president position. Long ascends into the company’s highest office after years of service as Ripple’s senior vice president and general manager. Speaking about the appointment Ripple CEO Brad Garlinghouse said:
Even in the current challenging crypto environment, Monica has helped guide Ripple to a very unique place of growth and financial strength. She’s been an instrumental adviser to me over the years, and I’m grateful to have the opportunity to partner with her even more closely as she embarks on her role as president.
Monica Long’s Tenure At Ripple
Ripple brought Monica Long in as communications director around 2013 when the company only had ten employees. After seven years of professional service and excellence, she was promoted to general manager in 2020. Long also has a history of serving on the blockchain development side of Ripple’s business, RippleX, and the company’s financial network, RippleNet.
Long led the development of Ripple’s On-Demand Liquidity (ODL) solution, launched in 2018 and defined as ‘Ripple’s flagship product.’ The company also added a similar service christened Liquidity Hub in 2022, noting that the company would continue to expand that service. Noteworthy, more than 60% of RippleNet’s payment volume was sent through ODL last year.
In her most recent commentary, Monica Long says she is eager to start as the company’s new president, adding, “Over half my professional career has been in crypto- and more importantly, at Ripple. I am incredibly honored to and ready to hit the ground running as president.”
Over half my professional career has been in crypto – and more importantly, at @Ripple. I’m incredibly honored and ready to hit the ground running as President. Thank you @bgarlinghouse and @chrislarsensf for the opportunity of a lifetime! https://t.co/7gXZJZwLNN
— Monica Long (@MonicaLongSF) January 27, 2023
Ripple’s presidency has been a somewhat ill-defined position until now, with the title being ascribed to both co-founders Brad Garlinghouse and Chris Larsen at various times. Nevertheless, Long’s promotion comes at a good moment for the company.
Regarding RippleX, Long noted that an automatic market maker specification would go up for a vote by the validators this year.
Ripple’s Monica Long To Continue Scaling Despite Crypto Winter
Monica Long also said that Ripple had seen record growth over the past few months despite the prolonged bear market. In a statement to a news site, she said:
It’s a job of continuing to scale. […] We’ve weathered many [crypto] winters, and with this one, we’re coming off a record year of business and customer growth.
She also added, “We’re continuing to grow our team in this environment.”
Ripple vs. SEC Case Closure Coming Soon
The closure of the Ripple vs. SEC case appears to be on the horizon after Ripple filed its redacted reply to the SEC’s opposition in court to the motion for summary judgment.
Initially, the SEC filed a case against Ripple Labs in December 2020, alleging that the payments platform issued XRP as an unregistered security, noting that it remains unregistered. The court allowed the two parties to file an amicus brief in favor of either Ripple or the SEC, putting November 30, 2022, as the deadline. Both entities were expected to file responses to the motion that Ripple primarily pursued.
Noteworthy, Amicus is an individual or organization that is not a party to an action but has volunteered or is court-invited to advise on a matter before the court.
Earlier in the month, Ripple’s Garlinghouse said the chances of Ripple settling with the SEC are virtually “zero,” noting that the legal case could be finalized sometime in 2023. In his words:
We expect a decision from the judge certainly in 2023. But you don’t really have any control over when a judge makes their decisions.
Garlinghouse also said, “I am optimistic that sometime in the coming single-digit number of months, we will have closure.”
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