Ripple Labs, a leading payment platform, has announced a new president as the SEC’s lawsuit against the company draws closer to a conclusion.

The announcement was made in a blog post on the company’s website. The new president is Monica Long, who previously held the position of senior vice president and general manager at Ripple.

Brad Garlinghouse, CEO of Ripple, praised Long for her role in guiding the company to growth and financial stability, even in the challenging cryptocurrency market.

Long started working at Ripple in 2013 and was promoted to general manager in 2020. She expressed her excitement at taking on the role of president and emphasized that over half of her professional career has been in the cryptocurrency industry, specifically at Ripple.

The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that XRP was issued as an unregistered security. The case remains ongoing.

However, Garlinghouse recently stated that the chances of settling with the SEC are “virtually zero” and that a decision from the judge is expected in 2023. He is optimistic that the lawsuit will be concluded within a few months.

In conclusion, Ripple Labs’ announcement of a new president comes at a crucial time as the company faces the SEC’s lawsuit.

Monica Long brings a wealth of experience and knowledge to her new role, and her appointment shows Ripple’s commitment to navigating the current challenges and striving for success.