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Yoshitaka Kitao, Chairman and CEO of SBI Holdings, expressed renewed confidence in Ripple’s future during his speech at FIN/SUM’s Core Week.
He acknowledged the legal hurdles Ripple has faced but emphasized that the company is now set for significant growth. In his speech, Kitao reflected on his early investment in Ripple, saying:
“Since I invested in Ripple, there have been numerous lawsuits. After enduring them, it is finally seeing the light of day,” Kitao stated.
Ripple Lawsuit Reaches the Light of Day
Kitao’s statement calls attention to the regulatory challenges that have long surrounded Ripple since 2020. However, hopes are high now more than ever that the Ripple lawsuit may finally be over soon.
This optimism arises as the company and the SEC are engaged in settlement talks. This follows the SEC’s new leadership concerted effort to clarify regulations for the crypto industry.
As of now, crypto firms benefiting from the SEC’s evolving stance on crypto include Coinbase, Robinhood, and Gemini. Specifically, the regulator has dismissed legal actions against these firms and numerous others this month.
Meanwhile, many eagerly await the SEC’s decision on Ripple’s lawsuit. According to sources, the delay in reaching a settlement stems from Ripple’s desire for low fines and the potential reclassification of XRP.
With the SEC case against Ripple moving toward resolution, the focus is shifting toward broader adoption and institutional integration.
The Road Ahead for Ripple and SBI
SBI partnered with Ripple in 2012 and holds a 9% stake, making it the largest external shareholder. The collaboration also birthed SBI Ripple Asia, launched in 2016, and XRP-powered remittances via SBI Remit since 2021. The partnership is expanding, with plans to issue NFTs on the XRPL at Expo 2025.
SBI Group also aims to expand its global presence, increasing the share of overseas revenue from 10% to 20-30% in the coming years.
Notably, Kitao hailed blockchain as the “biggest revolutionary technology of this century.” He emphasized SBI Group’s continued investment in Web3 to lead the next phase of the digital economy.
The company is transitioning from “Fintech 1.0” to “Fintech 2.0” by leveraging blockchain, AI, and other emerging technologies to reshape the financial landscape.
Trump’s Crypto Policies
In his speech, Kitao highlighted recent moves by the U.S. government under President Donald Trump in shaping the crypto landscape.
He believes Trump’s executive orders, including establishing a Bitcoin Strategic Reserve and prohibiting CBDCs in the U.S., are testament to the role of decentralized assets in the future financial system.