Monica Long has been promoted to the President post in the Ripple company, after 10 years of contribution to the company at different roles.
Ripple is a San Francisco-based Fintech company, which operates its cross-border payment services via the XRP token trade volume. XRP is a native token on the XRP Ledger, which is a Proof-of-stake (PoS) consensus-based blockchain network. Many experts in the Crypto industry claim XRP Ledger is a highly centralised blockchain network and Ripple can stop the XRP token transactions in the network on behalf of its own needs.
Recently Ripple announced that Monica Long is now the current president of the Ripple company.
Ripple’s blog post regarding this new decision noted that Monica was a top deserving employee of the company to get the president role, as she already worked in the company since 2013 when there were only 10 employees.
Ripple CEO Brad Garlinghouse said that Monica helped the company to fight against the challenging environment & helped to grow the company.
“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,” Garlinghouse said.
Monica also shared her happiness about this new achievement in the company and said that she is now ready to contribute to the company as a president.
Ripple vs SEC Lawsuit
Since Dec 2020, Ripple is under a very big hurdle in the United States because of a lawsuit which was initiated by the United States Securities and Exchange Commission (SEC).
According to the SEC agency, the XRP token is a Securities class asset & should be registered with the SEC agency.
Secondly, the SEC noted that the company violated Securities Act by selling more than $1.3 billion worth of XRP unregistered securities publicly.
Just a week ago, a Ripple executive said that there are very few chances to settle the case with the SEC agency because there is a very rare chance that the SEC will not treat the XRP token as a non-security asset.