Ripple CEO Brad Garlinghouse has decided to move the company’s operational headquarters to another country if they lose their sec lawsuit.
Ripple sued by SEC for securities law violation
The lawsuit filed by the SEC in December 2020, alleging that Ripple, as well as Brad Garlinghouse and Chris Larsen’s two Executives, had made an unregistered securities sale to raise $1.3 billion, continued to be delayed until 2023.
This has been so frustrating that CEO Brad Garlinghouse is threatening the possibility of leaving the country if the court makes a ruling in favor of the sec.
Specifically, Brad Garlinghouse clarified this wish in an interview with Axios Media during the Collision conference in Toronto. He stated that if Ripple lost the lawsuit, the company would not consider leaving the United States but would immediately do so and said whether the sec won or not, the regulator could not change anything in the crypto industry that was growing enormously.
The company fought back by winning the case
In mid-April, Ripple appears to have scored a significant victory in the case against the sec after Judge Sarah Netburn ruled to deny the sec’s request to reconsider the defense of some documentary evidence for the agency’s former Director William Hinman’s speech with claims once made in 2018 that Bitcoin and Ether were not securities.
However, the incident is still causing a tsunami with the company as the SEC continuously manages to change its face by rejecting Hinman’s argument that this speech should not have been made because he has specific interests with BTC and ETH.
This point has been mentioned many times by Garlinghouse in a series of interviews throughout 2022. Comparing the nature of its currency to bitcoin (BTC) or Ethereum (ETH), he said its currency is a currency, not security.
Remarkably, CEO Ripple further revealed that he hopes that if the lawsuit ends as planned, the company will likely proceed with the IPO, which Ripple was once very ambitious in April 2021. Still, the plan at that time was only suggested by Ripple’s largest shareholder – SBI Group. In addition, a few days ago, Ripple announced opening a new office in Canada. It is also likely that this is Ripple’s first preparation step if the worst-case scenario has forced the company to leave the United States.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews