Ripple Labs has announced a new president as the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the payments platform nears a conclusion.
In a new company blog post, Ripple says that Monica Long, the firm’s senior vice president and general manager, will be promoted to president.
As stated by Ripple CEO Brad Garlinghouse,
“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.”
Long, who started working for Ripple in 2013 when the firm had just 10 employees, was promoted to the position of general manager in 2020 and says she’s eager to kick things off as the company’s new 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.”
The SEC initially sued Ripple Labs in December 2020 under allegations that XRP was issued as an unregistered security, and remains one today.
Earlier this month, Garlinghouse said the chances of Ripple settling with the SEC are virtually “zero” and said the lawsuit could be concluded sometime this year.
“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.
I’m optimistic that sometime in the coming single-digit number of months we will have closure.”
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