Key Points:
- Ripple’s CEO, Brad Garlinghouse, announces a significant shift in hiring strategy, with more than 80% of new hires located outside the US.
- Garlinghouse emphasizes the favorable regulatory environment in international markets like Singapore, Hong Kong, the UK, and Dubai.
- Despite ongoing legal expenses exceeding $100 million, Ripple remains optimistic about its legal dispute with the SEC.
Ripple, the cryptocurrency firm currently entangled in a prolonged legal dispute with the US Securities and Exchange Commission (SEC) regarding the classification of crypto assets, has announced that over 80% of its hiring for this year will take place outside of the United States.
Brad Garlinghouse, the CEO of Ripple, highlighted the growing regulatory clarity and favorable environments for the crypto industry in various international jurisdictions, including Singapore, Hong Kong, the United Kingdom, and Dubai. He emphasized that governments in these regions are actively collaborating with the industry, offering well-defined regulations, and fostering significant growth opportunities.
The SEC, led by Chairman Gary Gensler, has been intensifying its oversight of digital assets following a market downturn in 2022 and subsequent industry setbacks, such as the collapse of the FTX exchange. Gensler maintains that the majority of tokens should be classified as securities and subject to the agency’s regulatory oversight. However, progress in Congress toward creating legislation that clarifies the legal status of cryptocurrencies has been sluggish.
Recently, Ripple contested an SEC request to appeal a court ruling that asserted tokens were not securities when sold to the public. The SEC initiated a lawsuit against Ripple in 2020, alleging that the company failed to register the XRP token as a security.
Despite the substantial legal expenses incurred by Ripple, exceeding $100 million, Garlinghouse expressed optimism about their chances of success in the ongoing case. He commented on the government’s seemingly unlimited resources dedicated to a battle they’ve already lost.
Garlinghouse delivered these remarks while in Singapore during a cryptocurrency conference held in the city-state.
__________________________________________________________________________________________
Join us on Telegram, Twitter and Facebook for the latest insights and discussions in the world of crypto.
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
