In a recent interview, Ripple CEO Brad Garlinghouse articulated the company’s intention to prioritize countries other than the United States for over 80% of its hiring initiatives in 2023. This strategic decision stems from the substantial regulatory pressures imposed by the Securities and Exchange Commission (SEC) within the United States.
Mr. Garlinghouse highlighted the unfavorable regulatory landscape in the United States, asserting that it currently ranks as one of the most challenging nations for launching cryptocurrency ventures. He stated unequivocally, “I would discourage anyone from starting a company in the US under the current conditions.”
Drawing attention to the more accommodating regulatory frameworks and approaches embraced by other cryptocurrency markets, such as Singapore, Europe, and Hong Kong, Mr. Garlinghouse urged the United States to adopt similarly progressive and crypto-friendly regulations. He emphasized that this shift is essential to sustain American interest and participation in the cryptocurrency industry, stating:
“It’s exceedingly frustrating to witness the growth of markets where governments collaborate with the industry, providing clear regulatory guidelines. This is precisely why Ripple is directing its hiring efforts to those regions.”
The protracted legal battle between Ripple Labs and the SEC has its roots in December 2022 when the agency filed a lawsuit against the platform and its two executives, alleging the unauthorized raising of “over $1.3 billion through an unregistered, ongoing digital asset securities offering.” Despite a recent court ruling affirming that Ripple’s XRP is not classified as a security, the SEC continues to maintain its position against Ripple.
While recounting the protracted legal dispute, Ripple’s CEO disclosed that the company has already allocated over $100 million to legal proceedings. However, he expressed optimism regarding the eventual outcome, noting, “We are dealing with a government entity with vast resources, continuing a battle they have already lost.”
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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