Ripple CEO Brad Garlinghouse has indicated that the company will do nearly 80% of its hiring outside of the United States this year amid its ongoing legal brawl with the U.S. Securities and Exchange Commission (SEC).
Majority Of Ripple’s Workforce To Be Outside US
Ripple is turning its attention to countries that are more progressive and have clearer regulations.
In a Wednesday interview with Bloomberg, Ripple boss Brad Garlinghouse explained that the lion’s share of the blockchain firm’s hiring will be conducted in countries like Singapore, the United Kingdom, the United Arab Emirates, and Switzerland, where “governments are partnering with the industry and you’re seeing leadership, they’re providing clear rules and you’re seeing growth”.
Garlinghouse pointed the finger at the U.S. Securities and Exchange Commission, arguing that it was engaging in political warfare with the crypto industry with its spate of lawsuits.
Regulatory Uncertainty
Ripple has been entwined in a protracted legal battle with the SEC since December 2020. The regulatory agency has been saying that Ripple broke federal securities laws. However, Ripple did score a partial victory in this case when Judge Analisa Torres proclaimed in July that the sale of Ripple’s XRP tokens on exchanges and via algorithms did not constitute unregistered securities. Nonetheless, the SEC has since pushed to challenge this ruling.
“Confusion masquerades as power to the SEC, the more confusion the more power they feel they have because they’re just going to keep filing lawsuits,” Garlinghouse opined.
The Ripple chief voiced his frustration with SEC chairman Gary Gensler’s reticence to provide a clear rulebook for the crypto sector. “Gary Gensler is a hammer, and everything looks like a nail,” he noted.
The SEC has taken legal action against Ripple and targeted major cryptocurrency exchanges like Coinbase and Binance in 2023 over allegations of securities violations.
Judge Torres proposed a jury trial for the Ripple case commencing in the second quarter of 2024.
