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

Brad Garlinghouse | Ripple CEO

Ripple CEO Brad Garlinghouse said that if the company loses the lawsuit with the SEC, it may move from the United States. Garlinghouse plans to open an office in Toronto. At the end of last year, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, accusing the company of illegally conducting an ICO for $ 1.3 billion. 

The regulator claims that XRP is a security, and the parties still cannot come to an agreement. At the Collision conference in Toronto, Brad Garlinghouse said that if the court rules in favor of the SEC, it will not affect the crypto industry in any way, and the company will simply move to another jurisdiction.

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

asks Garlinghouse

In April, Ripple won a "small" victory in the case against the SEC after Judge Sarah Netburn rejected the regulator's request to attract documentation related to the speech of former Commission Chairman William Hinman. In 2018, he claimed that Bitcoin and Ether are not considered securities. Garlinghouse is trying to prove that the "nature" of XRP is similar to BTC and ETH. However, the SEC insists that Hinman expressed his personal opinion, and did not express the position of the department. An investigation is underway into whether Hinman had a conflict of interest when he delivered his controversial speech. The results of the investigation can greatly affect the outcome of the case.

Ripple recently announced plans to open an office in Toronto, creating about 50 new jobs. In addition to Ripple's 300 employees in the US, the same number of people work for the company abroad, so a change of jurisdiction will not make much difference to the firm. Perhaps, thereby Ripple "prepares the ground" for any scenario. Earlier, Garlinghouse said that due to excessive pressure from American regulators, the company may change jurisdiction to the UK.

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