Ripple CEO Brad Garlinghouse Shifts Hiring Focus Away From US Amidst Regulatory Pressures
Crypto News – In a recent interview, Ripple’s CEO, Brad Garlinghouse, made a significant announcement regarding the company’s hiring strategy for 2023. Garlinghouse revealed that Ripple intends to concentrate over 80% of its hiring efforts outside of the United States. This decision comes in response to the increasing regulatory pressures imposed by the Securities and Exchange Commission (SEC) in the U.S.
Garlinghouse did not mince words when he criticized the regulatory landscape in the United States, going so far as to declare it the least favorable environment for launching a cryptocurrency-related venture. He stated, “The only country I would discourage you from starting a company in right now is the U.S.”
Highlighting the more accommodating regulatory frameworks in other cryptocurrency markets like Singapore, Europe, and Hong Kong, Garlinghouse urged the U.S. to adopt similarly innovative and crypto-friendly regulations to ensure continued interest and growth in the American crypto industry. He emphasized the need for governments to collaborate with the industry and provide clear guidelines, citing this as a key reason behind Ripple’s decision to focus its hiring efforts in these more supportive jurisdictions.
The ongoing legal battle between Ripple Labs and the SEC traces its roots back to December 2022 when the SEC filed a lawsuit against the platform and two of its executives, alleging that they had raised “over $1.3 billion through an unregistered, ongoing digital asset securities offering.” Although a recent court ruling by Judge Analisa Torres recognized Ripple’s XRP as a non-security, the SEC remains steadfast in its stance against Ripple.
Throughout the protracted legal dispute, Ripple’s CEO shared that the company has already expended over $100 million on legal proceedings. Despite the significant financial investment, Garlinghouse expressed optimism about the ultimate outcome, noting, “You have a government that has unlimited resources to keep fighting a fight they’ve already lost.”