It’s rumored that the state bank of the US and Ripple company are cooperating. A Twitter post from liquidness supplier Linqto, which described the uncommon relations between the establishment and the state, revived the story.
Banks stand to gain greatly from settlement
According to a post by Nick Burrafato, director of sales at Linqto, B. Garlinghouse, CEO of Ripple, has personally discussed ideas at the Ripple conference this year in the UK several days ago.
In a face-to-face meeting, Brad Garlinghouse allegedly stated that he was aiming to negotiate the terms of action with the Securities and Exchange Commission if Ripple could obtain a resolution on its XRP token.
Garlinghouse unveiled that U.S. Financing establishments are looking at the progress of a protracted conflict among the Securities and Exchange Commission and Ripple, as for the director of membership sales at Linqto. He added that crypto-based businesses will join Ripple if they reach a settlement with the SEC.
Ripple involvement by Bank of America
As a significant contributor to Ripple’s global payment network, RippleNet, the state bank was admitted by the company in November 2020.
Even though Ripple is suing the SEC, the banking company is one of the institutions featured on the network.
Julie Harris, head of global banking at Bank of America, announced the collaboration with Ripple in an episode of the Treasury Insights podcast that was broadcast in April 2020.
Ripple provides a seamless international money transfer experience by utilizing the advantages of blockchain technology. It is prepared to reach a settlement with the state.
Garlinghouse, meanwhile, has consistently expressed a desire to come to an agreement with the Securities and Exchange Commission.
The Howey test was chosen by the SEC to prove XRP’s safety. It doesn’t appear to be happening, therefore. Note that before bringing the lawsuit, Ripple and the SEC were unable to come to an agreement.
The recent events caused the price of XRP to increase by more than 10%. It did not perform the calculation as expected. Thus, the dreams of XRP owners did not materialize. But the SEC is still certain that it will succeed in the Ripple case.