- Ripple CEO Brad Garlinghouse remains optimistic despite mounting legal fees and challenges from the SEC.
- Over 80% of Ripple’s hiring this year will be outside the US due to the SEC legal entanglement.
Garlinghouse Voices Concerns but Keeps Faith
In a candid interaction with Bloomberg’s Annabelle Droulers at the Singapore Token2049 summit, Brad Garlinghouse, Ripple’s CEO, opened up about the company’s continuing legal saga with the US Securities and Exchange Commission (SEC). Clearly frustrated, Garlinghouse lamented the relentlessness of the SEC, even after Ripple had its initial victory. The financial repercussions of this legal dispute have been hefty, with Ripple’s legal expenses surpassing the $100 million mark.
However, the essence of the SEC’s appeal isn’t about XRP‘s status as a security – a matter already settled in Ripple’s favor by Judge Analisa Torres. Instead, the appeal delves into more intricate grounds, pondering the nature of XRP’s investment contracts under certain scenarios. As the CEO clarified,
“The facts are on our side, the law is on our side,”
expressing confidence that the higher they go in the appellate court system, the brighter the prospects become for Ripple.
Garlinghouse also shed light on the broader implications for crypto firms operating in the US, noting the nation’s significance in the global economy, representing a staggering 22% of global GDP. He hypothesizes potential regulatory shifts under new governmental leadership and expects Congress to eventually intervene.
Furthermore, Garlinghouse drew attention to the SEC’s recent stumbles in court, referencing a decision tied to the Grayscale ETF conversion. The regulatory body has been under criticism, with judicial panels expressing their displeasure in stringent terms.
Ripple’s Global Shift
Another revelation from Garlinghouse concerns Ripple’s recruitment strategy. A direct fallout of the ongoing legal conflict is Ripple‘s decision to conduct over 80% of its hiring outside the US in 2023. The CEO commended proactive jurisdictions like Singapore, Hong Kong, the UK, and Dubai for their forward-thinking stance on crypto regulations, contrasting these with the SEC’s hardline approach under Chair Gary Gensler.
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Ripple CEO Brad Garlinghouse says over 80% of hiring this year will be outside US, where the crypto payments company is embroiled in a long-running legal dispute with the SEC https://t.co/BqKGTRFK95 pic.twitter.com/nZJyMMBvpY
— Bloomberg Crypto (@crypto) September 13, 2023
Post the turmoil in the crypto sphere in 2022, like the FTX exchange’s downfall, Gensler has asserted that the majority of tokens fall under the securities category and hence, should be governed by the SEC’s regulations. Meanwhile, Congress’s endeavors to offer clarity on crypto’s legal standing remain languid.
As of the current update, XRP‘s trading value stands at $0.4779.
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