After eighteen months of trudging through the lawsuit by the U.S. Securities and Exchange Commission for the alleged selling of illegal securities, Brad Garlinghouse, CEO of Ripple Labs, announced that the company could relocate from the United States.
Ripple Labs to Exit the United States
In December 2020, the SEC clamped down on Ripple, alleging that the company had sold illegal securities in offering the XRP. With the case dragging on much longer than expected, Ripple Labs is considering its options.
Brad Garlinghouse expressed his complaints about the SEC imposing inconsistent regulations on crypto firms across the country. According to Garlinghouse, San Francisco-based Ripple Labs is even ready to move overseas if it loses its regulatory court battle with the SEC.
Speaking on the possibility at the ‘Collision’ conference in Toronto, Garlinghouse said “it’s not that we could, we will,”
Ripple Expands into Canada
On Thursday, June 23rd, Ripple opened a new branch in Canada. The Toronto office marks part of the company’s objective to promote crypto-related innovations throughout Canada.
Shortly after the announcement, Ripple confirmed that it would be looking to hire at least 50 software engineers for its Canada branch.
On the Flipside
- Ripple’s expansion is in stark contrast to the decision taken by many crypto firms around the globe to cut down on staff due to the poor performance of the crypto market.
Why You Should Care
The Ripple v. SEC court case has been one of the most publicized crypto events of recent times, with many postulating that the results could set a precedent for crypto regulations in the U.S. going forward.
Find out more about Ripple’s expansion:
Ripple Steps into Canada: Opens Hub in Toronto
For the latest updates on the Ripple-SEC case, check out the following:
Ripple Vs SEC Call on Hinman’s Speech Scheduled Today: Why Is It so Important?