News from Ripple (XRP): Expanding Global Hires in Crypto-Friendly Countries
Ripple, the company behind XRP, has announced plans to make 80% of its new hires outside the United States. In an interview with Bloomberg, CEO Brad Garlinghouse stated that Ripple will focus on countries with clear regulatory frameworks for cryptocurrencies. Markets such as Singapore, Hong Kong, the United Kingdom, and Dubai were highlighted as potential hiring opportunities due to their cooperation with the crypto industry and provision of clear rules. This move comes as Ripple remains embroiled in a legal dispute with the US Securities Exchange Commission (SEC).
SEC Legal Actions Prompt Tokens to Reconsider Operations
The recent legal actions taken by the SEC against major cryptocurrency exchanges, including Coinbase and Binance, may lead 19 tokens mentioned in court documents to reconsider their operations in jurisdictions with more favorable regulations. However, the ultimate impact of these actions remains uncertain. Native cryptocurrencies of well-known protocols have already experienced significant losses. Sean Farrell, head of digital asset research at FundStrat, suggests that the SEC’s intention may be to create expensive legal burdens that push companies and individuals to move abroad.
Unanswered Questions About Cryptocurrencies as Securities
The lawsuits filed by the SEC against Coinbase and Binance bring attention to the ongoing debate surrounding the classification of cryptocurrencies. The SEC has accused both exchanges of offering unregistered securities to the public. The nature of cryptocurrencies as securities or assets is still under scrutiny. Securities are tradable investments used for raising capital. Earlier this year, Coinbase received a Wells Notice from the SEC indicating its intention to file a lawsuit, while Binance has faced close surveillance from the agency in recent years.
Hot Take: Ripple Expands Globally Amidst Legal Battles
Ripple’s decision to focus on hiring outside the United States reflects its strategy to operate in jurisdictions with clearer regulations for cryptocurrencies. By expanding its global workforce, Ripple aims to navigate the legal complexities it faces, particularly in its ongoing legal dispute with the SEC. The SEC’s actions against major crypto exchanges like Coinbase and Binance have raised questions about the nature of cryptocurrencies and their classification as securities. As the industry grapples with these legal challenges, tokens named in court documents may consider relocating to jurisdictions that offer more favorable regulatory environments.
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