Ripple Shakes Up Leadership Ahead of XRP Lawsuit Outcome – What to Expect in Advance

Ripple Labs has announced the promotion of Monica Long to the position of President.

Humans inside Ripple logo.
  • Ripple Labs has announced the promotion of Monica Long to the position of president.
  • Long’s appointment as president comes at a critical time for the company, as the lawsuit with the U.S. Securities and Exchange Commission (SEC) nears its conclusion.
  • SEC lawsuit alleges XRP was issued as unregistered security by the company.

Ripple Labs recently announced the appointment of a new president as the resolution of the U.S. Securities and Exchange Commission’s lawsuit against the company draws near. In a company blog post, Ripple stated that Monica Long, the current Senior Vice President and General Manager, will be promoted to President.

Ripple CEO Brad Garlinghouse could hardly contain his excitement over the appointment of Monica Long as the new president. He praised Long for her role as an instrumental advisor to him and for helping guide Ripple to a place of growth and financial strength, even despite the current challenging crypto environment.

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Garlinghouse further expressed his gratitude to have the opportunity to work even more closely with Long as she takes up her new position.

Long’s Role in Navigating Ripple

Long, who has been with Ripple since 2013 when the company only had ten employees, expressed her excitement about her appointment, stating: “Over half of 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.” With Long’s appointment as President amid the ongoing SEC lawsuit, Ripple is poised for a critical period in its history.

The SEC initially sued Ripple Labs in December 2020 over allegations that XRP, the network’s native token, was issued as an unregistered security, and the lawsuit remains ongoing. However, Brad Garlinghouse recently stated that the chances of Ripple settling with the SEC are virtually “zero” and that the lawsuit could be concluded sometime in the near future.

Long is expected to play a key role in navigating the company through this critical moment and ensuring its continued growth and expansion after her promotion.

Long’s Contribution to Ripple’s Growth

Long mentioned that her main focus as President of Ripple will be to continue scaling the company and growing its team, even in the current challenging crypto environment. Long joined Ripple when the company was starting and has played a major role in its growth, spearheading the development of its On-Demand Liquidity solution, which was launched in 2018.

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The On-Demand Liquidity solution has proven to be a game-changer for the cross-border payments industry. The solution is based on using XRP as a bridge currency and has enabled financial institutions to process cross-border payments faster, cheaper, and more efficiently. 

On the Flipside

  • The lawsuit against Ripple Labs is currently ongoing, the result of which remains unclear.
  • Despite the controversies and the SEC suit, Ripple has continued to grow and expand.

Why You Should Care

While the appointment of a new president at this juncture could possibly raise hopes that a decision is near in Ripple’s case with the SEC, opinion remains mixed on the firm’s chances of securing a positive outcome.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.