Ripple may be in the process of leaving the United States market for good as the prominent crypto firm has stated that it will be acquiring the majority of its employee candidates from countries outside the US.
Ripple Will Recruit A Workforce Overseas
US-based cryptocurrency solutions provider, Ripple has enacted plans to conduct its hiring processes outside US borders. The cryptocurrency firm has stated that over 80% of its workforce will be recruited from countries outside the US that encourage crypto adoption and innovation.
The decision to hire the majority of its workforce internationally can be seen as a strategic move to counteract the effects brought about by the regulatory changes enacted by the United States Securities and Exchange Commission (SEC).
In light of the legal dispute between Ripple and the US SEC, the Chief Executive Officer of Ripple, Brad Garlinghouse expressed his enthusiasm about the crypto firm’s expansion in new regions. He stated that the firm will be focusing on hiring candidates in regions like Singapore, Hong Kong, and Dubai which have favorable outlooks and regulatory conditions on cryptocurrency.
“It’s super frustrating that you see markets like we have here in Singapore, where governments are partnering with the industry, providing clear rules, and you’re seeing growth. That’s why Ripple is hiring there,” Garlinghouse stated in an interview with Bloomberg.
Presently, the United States does not have a clear regulatory framework for cryptocurrency assets, and the US Congress has also been relatively slow in clarifying the status of cryptocurrencies.
XRP prices maps recovery above $0.48 | Source: XRPUSD on Tradingview.com
SEC Lawsuit Developments
Ripple has been embroiled in a lawsuit with the US SEC since 2020. The SEC had previously sued Ripple for allegedly raising over $1 billion in unregistered securities offerings by selling XRP.
In July 2023, Ripple secured a victory after Judge Analisa Torres ruled in favor of Ripple and stated that XRP was not a security. The SEC responded by filing an interlocutory appeal, however, it is unsure if Judge Torres will grant the SEC’s request.
Over the years, Ripple has reportedly spent over $200 million defending itself against the SEC allegations. The cryptocurrency’s native token XRP was delisted from several exchanges in 2021 while its price declined significantly and lost the majority of the gains it had accumulated over the years.
However, since Judge Torres’s ruling, leading exchanges such as Coinbase and Bitstamp have already moved to relist XRP since the court did not deem programmatic exchange sales to qualify as securities offerings.
Featured image from CoinTurk News, chart from Tradingview.com