For the past two years, Ripple’s company has been in the spotlight due to a standoff with the SEC. The regulator has taken legal action against two Ripple executives whom it accuses of fraud. As a potential defeat looms on the horizon for the SEC, which has been unable to prove its allegations, company officials are preparing to bounce back after months of legal battle. The promotion to president of one of the company’s top executives is part of the plan.
From senior vice president to president, a natural rise for Monica Long
Monica Long, previously senior vice president of crypto firm, Ripple, is now its president. The news comes froma statement published on January 26. A shadow force, Monica was little known to public opinion unlike Brad Garlinghouse and Chris Larsen, the founders of Ripple. So far, these two leaders have shared the role of president, depending on the circumstances.
For the latter, this promotion crowns a long journey rich in challenges and operational efficiency, since the launch of the company in 2012. The new president says she is honored and looks forward to getting down to work.
“When I think back to the beginnings of Ripple and where we are today, a lot of that is due to Monica’s leadership and strategic insights. She joined us when our native crypto didn’t yet exist, and seeing her evolve over the last ten years to become the fantastic leader she is today is a testament to how far the industry has come”said Chris Larsen, executive chairman and co-founder of Ripple.
Ripple must continue to grow
Monica Long believes that society must continue to grow, despite its run-ins with the law and the bear market. For her, the company’s recent successes, achieved despite the bear market, do not allow Ripple to rest on its laurels.
“It’s a job that consists of continuing to develop. […] We have been through many bear markets in the crypto market and despite this one, we are coming off of a record year of business and customer growth,” said the new president.
The challenges are not the least. As the company works to significantly reduce the cost of international money transfers, it must deal with the legal war in which the SEC has embroiled Ripple for two years. Observers believe that Monica Long was promoted for more efficient management of these files. Indeed, she would have shown great leadership and a lot of efficiency in the management of many complex situations in the past.
For Brad Garlinghouse, CEO of Ripple, Monica Long is unquestionably “a force to be reckoned with” to continue to progress. In the meantime, the crypto business seems well on its way to winning its lawsuit against the SEC and restoring confidence.
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