- Ripple looked at offshore destinations like the UAE, UK, and Singapore for hiring.
- Despite SEC’s appeal of the verdict, XRP looked safe until at least 2025.
Ripple Labs [XRP] CEO Brad Garlinghouse has been one of the most vocal critics of the U.S. Securities and Exchange Commission (SEC) ever since the payments-focused company was sued by the regulator nearly three years ago.
Read Ripple’s [XRP] Price Prediction 2023-24
Garlinghouse has minced no words in denouncing the SEC, more specifically current chairperson Gary Gensler, in public forums.
SEC Chair called a “bully”
Staying true to his tirade, Ripple’s CEO called the SEC Chair a “bully” during a chat at the ongoing Messari Mainnet 2023 event. Garlinghouse’s comments were reported by Fortune Magazine’s senior journalist, Jeff Roberts.
“You have to stand up to a bully … he’s pursuing power, he’s pursuing politics. Not sound policy.”
Ripple CEO on SEC Chair. He’s not wrong
Also notable that Gensler has led one-time crypto foes @twobitidiot and @bgarlinghouse to become allies pic.twitter.com/GS2j1YDeP0
— Jeff Roberts (@jeffjohnroberts) September 20, 2023
The overall mood in the XRP circles has been upbeat ever since the partial win in the hotly contested legal battle against the SEC. The judgement ruled that the sale of XRP to the public was not to be considered as a security.
However, the sale of XRP to institutional investors constituted a security.
Ripple looks outside the U.S.
Despite the relief, Garlinghouse hasn’t been optimistic about the future of cryptos in the U.S. Quoting him, pro-Ripple attorney John E Deaton said on X (formerly Twitter) that the company looked at offshore destinations like the UAE, UK, and Singapore for hiring.
At Mainnet and @bgarlinghouse just said: “We’re hiring in Dubai, We’re hiring in London, We’re hiring in Singapore…”
Now I ask: Do you feel protected?
— John E Deaton (@JohnEDeaton1) September 20, 2023
Given what has happened in recent weeks, this should come as no surprise. In a recent interview to Bloomberg, Brad Garlinghouse had stated that Ripple would source more than 80% of its human talent from outside the U.S., a telling reminder of the sentiment carried by crypto behemoths for the American market.
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XRP is safe… for now
At the time of publication, XRP exchanged hands at $0.5084, according to CoinMarketCap. The coin has effectively reversed all the gains made after the SEC verdict due to factors other than regulatory pressure.
However, what keeps XRP investors hopeful is that the judgement would be legally binding on all stakeholders for at least two years. This could give ample time for XRP to consolidate and prepare for the potential bull market of 2024.
