Ripple to Focus Hiring Outside the United States Amid Legal Battle
In a recent interview with Bloomberg, Ripple’s CEO, Brad Garlinghouse, announced that the company plans to hire 80% of its new staff outside the United States this year. This decision comes as Ripple faces an ongoing legal battle with the US Securities and Exchange Commission (SEC) regarding the classification of its native token, XRP.
Ripple’s Expansion into Countries with Clear Regulations
Garlinghouse emphasized that Ripple’s hiring efforts will focus on regions like Singapore, Hong Kong, Dubai, and the United Kingdom, where governments are supportive of the industry and provide clear regulatory guidelines. These countries showcase growth and strong leadership in the cryptocurrency sector.
Meanwhile, Ripple has encountered regulatory hurdles within the United States, hindering its operations in its home country.
The US SEC initiated a legal battle against Ripple in 2020, alleging that the company conducted an unregistered securities offering through the sale of XRP in 2013. The lawsuit has recently reached a turning point, with a US Judge ruling that most of Ripple’s XRP sales did not constitute investment contracts.
SEC Appeals Ripple’s Partial Court Victory
Despite the favorable ruling, Ripple’s victory remains uncertain as the SEC has filed an appeal against the decision. The regulatory body specifically targets two types of XRP sales: the “programmatic” sales offered to the public and other distributed sales. Judge Torres has already determined that the former did not violate securities laws.
As the legal battle continues, Ripple looks to expand its workforce internationally, seeking more favorable regulatory environments for its operations.
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