Ripple CEO Brad Garlinghouse has disclosed that the company explored the possibility of an initial public offering (IPO) outside the United States, citing a challenging relationship with the U.S. Securities and Exchange Commission (SEC). While expressing concerns about the SEC’s stance, Garlinghouse stated that Ripple temporarily shelved its IPO plans amid the ongoing legal battle with the regulatory body.
Speaking at the World Economic Forum in Davos, Switzerland, Garlinghouse criticized the SEC as a “hostile regulator” and described SEC Chair Gary Gensler as a “political liability.” He highlighted the challenging environment for companies trying to go public in the U.S., citing the example of Coinbase, which faced legal action from the SEC after its S-1 approval.
Garlinghouse mentioned that Ripple is considering an IPO outside the U.S. due to the “hostile” regulatory environment. He noted that the company has explored jurisdictions with clear regulatory guidelines. Despite this, Garlinghouse emphasized that Ripple is not in immediate need of capital, and an IPO is not a short-term priority. He stated that the company will keep the option open and evaluate it as needed.
Looking ahead to the crypto market in 2024, Garlinghouse expressed optimism, highlighting Ripple’s focus on addressing real problems for customers rather than participating in speculative cycles. He anticipates positive developments that will benefit the entire industry.
