Ripple CEO Says Company Will Leave The US If The SEC Wins

By Kevin • June 29, 2022 7:00 pm • Comments

Brad Garlinghouse, the CEO of Ripple, just made a bold statement that confirmed that the company would leave the United States if the result of the XRP lawsuit turned out to be unfavorable.

This was shared while Garlinghouse was speaking at the Collision Conference in Toronto where he explained that basically nothing would change even if the company lost in the US.

So far, the lawsuit ahs persisted since December 2020 and the current status is pointing significantly in Ripple’s favor indicating that a conclusion to the lawsuit would be extremely bullish for XRP.

Trending: Ripple Spells Out Penalty Terms To SEC

With that being said, it seems that the company itself is already prepared for both the best and worse case scenarios.

Yahoo reports:

Garlinghouse has always stated that most of the company’s growth has been outside of the United States of America anyway. Plus, since the regulatory body filed the lawsuit, the company had, anyways, been focusing on its operations outside the country.

Adding on to the same, Garlinghouse said,

“If you think about how the world is operating right now, it’s as if the case has been lost other than a few other exceptions… So if we lose, if Ripple loses the case, does anything change?”

Although currently, the company has about 300 of its 700 employees workforce in the US alone, which would be affected should the company close shop in the States.

On the other hand, should the company win the lawsuit, it would not have to kill its cash cow since the US has the potential for significant growth, being the largest economy.

With this announcement being made, many within the crypto community were not surprised and  this actually indicates that Ripple is future-proof no matter what the SEC does.

Garlinghouse also mentioned that the effect of this lawsuit would have a dampening effect on the rest of the crypto industry within the US.

If lose, the SEC’s actions of “regulation through enforcement” would continue within the country which would ultimately stifle innovation within crypto.

As a result, the company is already focusing much of its expansion efforts in locations like Canada, Europe, and Asia.

FXStreet concludes:

Garlinghouse is convinced that the SEC’s “regulation by enforcement” could further stifle innovation in crypto in the US.

The payment giant has taken the first step in that direction, and on June 23, 2022, Ripple announced the establishment of a Toronto office with over 150 engineers and employees.

Bob Mason, a leading crypto analyst, evaluated the Ripple price chart and observed that the altcoin price has sustained above a major resistance level at $0.3614.

If XRP price avoids a fall through the $0.3629 pivot, it could hit its recent high of $0.3868, and resistance at $0.3908 could come into play.

FXStreet analysts have set the upside target for XRP price between $0.3810 and $0.4180.

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