There have been a lot of rumours speculating that Bank of America and Ripple Labs are working closely together. A tweet from liquidity provider Linqto has just revived the talk, which details an extraordinary connection between the company and the bank.
The bank stands to gain a lot in the settlement
The Ripple CEO Brad Garlinghouse (BG) and Nick Burrafato had a face-to-face interaction at Ripple Swell 2022 in London a few days ago, according to a tweet from Nick Burrafato, Director of Member Sales at Linqto.
Brad Garlinghouse made it plain in a face-to-face meeting that Ripple is willing to settle with the SEC if they can gain clarification regarding XRP, according to Burrafato.
Garlinghouse, according to Burrafato, was particular about Bank of America. The CEO of Ripple thinks Bank of America will benefit from a settlement between the blockchain business and the Securities and Exchange Commission.
When the SEC v. Ripple case concludes, Bank of America will benefit from deploying ODL in the market, according to a tweet from Linqto.
Garlinghouse also disclosed that American banking institutions are keeping track of advancements in the long-running dispute between the SEC and Ripple, according to Linqto’s Director of Member Sales. He further stated that if the blockchain firm settled with the SEC, these businesses would get on the Ripple bandwagon.
Bank of America’s involvement with Ripple
Bank of America was acknowledged by Ripple as a key participant in its global payment network, RippleNet, in November 2020. Bank of America is still included as one of the financial firms on the network amid the Ripple v. SEC litigation.
In a podcast session titled ‘Treasury Insights’ from Bank of America in April 2020, Julie Harris, Head of Global Banking, acknowledged the affiliation with Ripple. Customer convenience is Bank of America’s top priority, according to Harris. This has to do with the client and infrastructure, not the system and its features.
According to Harries, the fintech companies the bank collaborates with strictly adhere to all applicable laws and regulations.
Connecting all of the world’s diverse financial systems through the Internet protocol known as ripple makes it possible to send money securely and instantly in any currency. Using the strength of blockchain, Ripple offers a seamless experience for sending money internationally.
Ripple Is willing to settle with the SEC
Meanwhile, Garlinghouse has always expressed an interest in reaching an agreement with the Securities and Exchange Commission. Ripple needs the SEC to concur that XRP is not a security. The SEC is determined to use the Howey test to demonstrate that XRP is security; thus, it does not appear that this will transpire.
It is important to note that Ripple could not settle with the SEC before being sued. The motions, responses, and objections for summary judgment have all been filed by the parties.
The XRP community was excited about reports of a solution between Ripple and the SEC last week. The celebration drove up the cost of XRP by more than 10%. The anticipated settlement did not occur. Therefore XRP holders’ hopes were dashed.
In light of the SEC’s recent victory in a comparable action brought against the peer-to-peer platform LBRY earlier this month, the organization is certain it will also prevail in the Ripple case. Supporters of XRP think that Ripple is better at disproving the notion that cryptocurrencies are securities.