Yoshitaka Kitao, Chairman and CEO of SBI Holdings, Expresses Confidence in Ripple’s Future

Kitao expressed renewed confidence in Ripple’s potential during his speech at FIN/SUM’s Core Week.

He acknowledged the legal challenges Ripple has faced but emphasized the company’s readiness for substantial growth. Reflecting on his initial investment in Ripple, Kitao noted:

> “Since I invested in Ripple, there have been numerous lawsuits. After enduring them, it is finally seeing the light of day.”

Ripple Lawsuit Nearing Resolution

Kitao’s remarks draw attention to the ongoing regulatory challenges around Ripple since 2020. However, optimism is rising that the Ripple lawsuit may reach a conclusion soon.

This hope is bolstered by ongoing settlement discussions between Ripple and the SEC, prompted by the SEC’s new leadership’s efforts to clarify crypto regulations.

Presently, crypto firms benefiting from the SEC’s evolving stance include Coinbase, Robinhood, and Gemini, with legal actions against these companies recently dismissed.

There is anticipation regarding the SEC’s decision on Ripple’s case. Reports suggest that settlement delays stem from Ripple’s calls for minimal fines and potential XRP reclassification.

As the SEC case progresses, the focus is shifting towards broader institutional adoption and integration of Ripple’s technology.

Future Prospects for Ripple and SBI

SBI partnered with Ripple in 2012, holding a 9% stake, making it Ripple’s largest external shareholder. Their collaboration spawned SBI Ripple Asia in 2016 and XRP-driven remittances through SBI Remit since 2021. Their partnership is set to grow further with plans to showcase NFTs on the XRPL at Expo 2025.

SBI Group also aims to boost its global influence, with plans to elevate overseas revenue from 10% to 20-30% in the coming years.

Kitao emphasized blockchain as a transformative technology of this century and reaffirmed SBI Group’s commitment to investing in Web3 to spearhead the digital economy’s next phase.

The company is evolving from “Fintech 1.0” to “Fintech 2.0,” using blockchain, AI, and other emerging technologies to revolutionize the financial space.

Impact of Trump’s Crypto Policies

In his address, Kitao remarked on recent initiatives by the U.S. government under President Donald Trump that shape the crypto landscape.

He highlighted Trump’s executive orders, which include establishing a Bitcoin Strategic Reserve and banning CBDCs in the U.S., underscoring the future prominence of decentralized assets in the financial system.