Bank of America CEO Says the Company Will Remain Neutral Until the Ripple vs. SEC Case Is Resolved
There have been rumours regarding the relationship between Ripple Labs and Bank of America for quite some time. Now, a tweet from Linqto rekindles this myth and reveals an extraordinary connection between the firm and the bank.
A few days ago, Nick Burrafato, Director of Member Sales at Linqto, tweeted about a face-to-face interaction with Ripple CEO Brad Garlinghouse (BG) at Ripple Swell 2022 in London.
Burrafato noted that Garlinghouse was “very assured.” In an audio message, Burrafato said: “I first met him in Singapore in 2009, and he is much more certain now than he was then. He made it plain that they are willing to reach a settlement with the SEC so long as XRP is clarified.”
The Linqto employee inquired as to whether U.S. firms are waiting to enter the competition until the SEC dispute is resolved. Garlinghouse reportedly said “definitely” and cited Bank of America specifically.
“Bank of America is a major Ripple partner,” Garlinghouse allegedly added. In addition, Burrafato reported the CEO of Ripple as stating, “Bank of America stands to win tremendously if the settlement is reached, since they will have a significant competitive edge over their rivals by using ODL and the marketplace.”
Overall, Garlinghouse was “very optimistic,” according to Burafato. A cooperation between Bank of America and Ripple has been widely reported. As little information was made available to the public, however, much of it was only guesswork.
This changed in April 2020, when Bank of America’s head of global banking, Julie Harris, revealed the relationship with Ripple on the “Treasury Insights” podcast.
Regarding what will happen in the banking industry over the next decade, Harris said that Bank of America’s primary priority is to ensure that clients can accomplish anything, at any time. In order to keep pace with the fast evolution of the fintech industry, new solutions will be implemented.
It’s not about our platform and capabilities; rather, it’s about you as a client and the infrastructure you have, as well as our ability to integrate, whether that’s with platforms and capabilities we’ve developed or relationships with Ripple or Swift. Harris highlighted further at the time that “these” fintech satisfy all legal and regulatory criteria.