Ripple CEO confirmed that his fintech firm is now focussing on increasing hiring outside the US amid increasing conflict between the crypto sector & US regulators.
Ripple is a San Francisco headquartered blockchain firm. Since Dec 2020, this firm & its key executives are under big legal hurdles because of a lawsuit which was initiated by the United States Securities and Exchange Commission (SEC) over the nature of XRP coin & Ripple’s business.
On 18 May 2023, Ripple CEO Brad Garlinghouse appeared in a new interview with CNBC International and there he talked about the unclear crypto regulatory environment in the US.
Ripple CEO said that his company is now continuously focussing to increase hiring outside the US citing unclear regulatory rules, which are not enough to protect crypto investors as well as crypto companies.
According to Garlinghouse, unclear regulatory policies in the US are forcing almost every Crypto company & crypto entrepreneur to get started from a non-US jurisdiction and also they have better options like the European Union (US), Hong Kong, Japan, El Salvador, etc.
Garlinghouse admitted that Ripple’s operation also faced a huge impact because of the XRP Lawsuit & current regulatory environment, so the company found that it is better to shift the business outside the US.
Ripple executive confirmed that 95% of Ripple’s customers are from non-US regions, so it is better to go outside the US & also focus on more non-US hiring.
“95 percent of our customers are non-U.S, and this year most of our hiring will be non-U.S for some of those same reasons,” the CEO stated.
Ripple vs SEC
Recently the Court judge rejected the SEC’s motion to seal the document which includes a statement passed by a former SEC official. Statement passed by the ex-SEC official called Ethereum a non-security crypto token & Ripple defence lawyers believe that unsealed document can be used as a crucial evidence in this case.
With that court order, Ripple lawyers are in full confidence & they expect that unsealed documents will help them to prove the nature of the XRP coin as a non-security.