Ripple CEO Brad Garlinghouse: XRP plans to move from the USA

Ripple CEO, Brad Garlinghouse, Plans to Move from the US if SEC Lawsuit Fails

The CEO of Ripple, Brad Garlinghouse, announced that the company may relocate from the United States if it loses the lawsuit against the US Securities and Exchange Commission (SEC). In response to the ongoing legal battle, Ripple is planning to open an office in Toronto. Last year, the SEC accused Ripple of conducting an illegal Initial Coin Offering (ICO) worth $1.3 billion, claiming that XRP is a security. However, the parties have yet to reach an agreement.

If Ripple loses the trial, will anything change for cryptocurrencies?

asks Garlinghouse

Will Ripple's Defeat Affect the Crypto Industry?

Garlinghouse posed the question of whether Ripple's defeat would affect the cryptocurrency industry. He believes that it would not change anything, and Ripple would simply move to another jurisdiction. In April, Ripple won a minor victory when Judge Sarah Netburn rejected the SEC's request for documentation related to former SEC Chairman William Hinman's speech. In 2018, Hinman claimed that Bitcoin and Ether were not securities. Garlinghouse is attempting to prove that the nature of XRP is similar to that of BTC and ETH. The SEC, on the other hand, contends that Hinman expressed his personal opinion and not the position of the SEC. The investigation is ongoing to determine whether Hinman had a conflict of interest when he made the speech. The results of the investigation could significantly impact the outcome of the case.

Ripple's Preparations for Any Outcome

Ripple recently revealed its plans to open a new office in Toronto, which would create around 50 new jobs. With 300 employees in the US and an equal number working for the company abroad, a change in jurisdiction would have minimal impact on Ripple. These moves could be seen as Ripple "preparing the ground" for any outcome of the legal battle. Garlinghouse previously suggested that excessive pressure from American regulators could force the company to move its jurisdiction to the UK.

In conclusion, Ripple's lawsuit with the SEC is ongoing, and the outcome is yet to be determined. If Ripple loses, the company will move to another jurisdiction, as announced by CEO Brad Garlinghouse. However, Ripple's recent move to open an office in Toronto and the ongoing investigation into William Hinman's speech could significantly impact the case's outcome.