Ripple Expands Hiring Outside the US Amid Legal Battle
Ripple CEO Brad Garlinghouse has announced that the majority of new hires at the crypto firm this year will be outside the United States. This move comes as Ripple faces an ongoing legal battle with the US Securities and Exchange Commission (SEC). The SEC has accused Ripple of conducting unregistered security sales through its native token, XRP. Garlinghouse highlighted countries like Singapore, Hong Kong, Dubai, and the United Kingdom as regions with clear regulatory rules and industry partnerships that support growth. Meanwhile, regulatory hurdles in the US have hindered Ripple’s operations in its home country.
US Lawsuit Against Ripple
The US SEC initiated a legal battle against Ripple in 2020, claiming that the company raised funds through unregistered securities offerings. However, in mid-July, a US judge ruled in favor of Ripple, stating that most of its XRP sales did not violate securities laws. Despite this victory, the SEC has filed an appeal to challenge the ruling. The disagreement revolves around two specific types of XRP sales: programmatic sales and other distributions. It is important to note that Judge Torres has already determined that the former did not breach securities laws.
Hot Take: Ripple Expands Globally Amid Regulatory Challenges
Ripple’s decision to hire more staff outside the US reflects its strategy to expand into regions with favorable regulatory environments and government support. With ongoing legal battles in its home country, Ripple is seeking opportunities in countries like Singapore and Hong Kong where clear rules provide a conducive environment for growth. While Ripple achieved a significant court victory recently, the SEC’s appeal indicates that the legal battle is far from over. As Ripple continues to navigate regulatory challenges, its global expansion efforts aim to ensure business continuity and tap into markets with greater potential.
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