Ripple to Focus Hiring Outside the US Amid SEC Dispute
Ripple Labs, amidst its ongoing legal battle with the US Securities and Exchange Commission (SEC), has announced that nearly 80% of its hiring will be outside of the United States. Ripple’s CEO, Brad Garlinghouse, highlighted that governments in jurisdictions like Hong Kong, Singapore, the UK, and Dubai are partnering with the crypto industry and providing clear rules, resulting in growth.
The SEC, led by Chair Gary Gensler, has taken a strict stance on digital assets and considers most tokens as securities falling under its regulatory oversight. Despite a court ruling in favor of Ripple, the SEC has yet to acknowledge that XRP is not a security.
Ripple Challenges SEC’s Appeal Request
Ripple has recently contested the SEC’s request to appeal a court ruling that categorized tokens as non-securities when sold to the public. The SEC argues that Ripple has not presented any evidence to suggest that the interlocutory order does not pertain to a legal matter.
Ripple’s CEO, Brad Garlinghouse, expressed confidence in winning the case and revealed that the company has already spent over $100 million in legal expenses. He criticized the SEC, stating, “You have a government that has unlimited resources to keep fighting a fight they’ve already lost.”
Hot Take: Ripple’s Global Expansion Amid Regulatory Challenges
Ripple’s decision to focus on hiring outside the US reflects the challenges it faces amidst its legal dispute with the SEC. By expanding its hiring efforts in jurisdictions that offer clear regulatory frameworks and government support, Ripple aims to continue its growth and operations. The SEC’s strict stance on considering most tokens as securities has created uncertainty for Ripple and other crypto companies. As the legal battle continues, Ripple’s CEO remains optimistic about winning the case and highlights the significant financial burden the company has incurred. This ongoing legal saga highlights the need for regulatory clarity and collaboration between governments and the crypto industry to foster innovation and growth.
By
By
By
By
By