Bank of America is reportedly one of the businesses waiting on the sidelines for the end of the U.S. Securities and Exchange Commission’s (SEC) case against fintech firm Ripple to join forces with the company and use its $XRP-powered On-Demand Liquidity product.
Ripple’s CEO Brad Garlinghouse reportedly told Linqto Director of Member Sales Nick Burrafato at the Ripple Swell 2022 in London that Bank of America was indeed one of the firms waiting on the sidelines for the end of the legal battle.
The SEC sued Ripple and two of its executives in 2020, alleging they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies XRP is a security.
Earlier this year, Ripple’s CEO Brad Garlinghouse noted that he believed the company would prevail in its legal battle against the regulator. Ripple settling the lawsuit could lead to an XRP supply shock, which presumably would lead to a price surge as demand would remain the same, while supply plunged. That’s according to legal expert and XRP supporter Jeremy Hogan, who has been following the case.
According to Burrafato, Garlinghosue made it “clear that they’re ready to settle with the SEC as long as they can get clarity on XRP” and that there are firms in the U.S. waiting on the sidelines to “jump in the game once clarity happens.”
Per his words, Garlinghouse specifically mentioned Bank of America, saying it” stands to gain really big when the settlement happens because [Bank of America is] going to have a huge competitive advantage over their competitors by using ODL on the marketplace..”
In 2020, Ripple notably named Bank of America as a key member of its $XRP-powered solution, along with other finance giants including Santander. As CryptoGlobe reported, ODL is currently used in various regions including Arica, Argentina, Belgium, Brazil, Singapore, the UAE, and the UK.
In September Jeremy Hogan, an XRP proponent, and a U.S. legal counsel, noted that another XRP proponent’s analysis of the lawsuit was “great” and that he is interested to see in the summary judgment briefings “to what extent Ripple makes the comparison between XRP and ETH.”
The comparison between XRP and ETH is relevant, it’s worth noting, as an SEC spokesman has said ETH and BTC aren’t securities.
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