- The expert stated that Ripple enjoys a unique position that caters to the future demands of the payments industry.
- As per Lokenauth, Ripple will redefine online payments once it settles scores with the SEC.
While Ripple has been sailing through rough waters with its recent ongoing battle with the SEC, some market analysts are bullish on its future. Goldman Sachs expert Andrew Lokenauth believes once Ripple resolves its issue with the securities regulator, the company will soon gain major market dominance.
In the past, Lokenauth has worked in key positions at several financial institutions. As a result, he has been dealing with the crypto market for quite some time. In his latest comments, the expert was direct in his opinion about Ripple’s XRP. In a word with the Cryptopolitan publication, Lokenauth said:
Ripple will redefine online payments, and I believe that Ripple XRP will likely IPO and go public once its SEC lawsuit is resolved.
The expert cites the key benefits of the Ripple protocol like speed and reduced risks. Lokenauth also sees Ripple’s XRP as a replacement to the SWIFT platform.
The SWIFT ecosystem currently takes around 3-5 days to transfer funds cross-border. On the other hand, Ripple’s XRP attains this in less than 5 seconds.
Ripple taking on the banking sector
Ripple is all capable of taking on the traditional banking sector. Its infrastructure also caters to fast and cheap interbank transfers. The blockchain-based RippleNet blockchain platform will allow sending money across borders among banks and other financial institutions.
Besides, it also has the backing of some of the top global financial institutions like Japan’s SBI Holdings, as well as Spains Banco Santander. Also, several venture capital firms like Peter Theil’s Founders Fund, Andreessen Horowitz (a16z), and Lightspeed have big investments in Ripple.
Lokenauth believes that the future of banking is in the same direction as Ripple. He expects the fiat world and the crypto world to form a bridge in the coming years. Lokenauth also believes that Ripple is well-positioned to cater to the change in the FinTech industry and meet the demand.
SEC reinstates its stand on DPP dispute
The Ripple vs SEC dispute is taking a new turn. The regulator has recently filed a letter brief in the DPP dispute. In the letter, the SEC defends its position of not releasing the data of its employees involved with Ripple trading.
The SEC noted that all documents reviewed by Judge Netburn, in-camera are “pre-decisional and deliberative” and thus protected with Deliberative Process Privilege (DPP). The regulator further notes that the documents have protection through attorney-client privilege. The letter further notes:
The compelled release of the SEC’s pre-decisional deliberations relating to digital assets would discourage meaningful deliberation among SEC officials and staff relating to investigations, potential cases, and other regulatory activities taken or under Consideration in a field where regulation carries significant consequences for the financial markets.
The SEC defends its position to not release the documents stating that they are “informal intra-agency communications”.