Ripple and the court work hard to solve the legal battle soon, but the SEC uses any possible tactic to delay it further. According to Garlinghouse, the SEC contradicted itself by suing Ripple over XRP but allowing Coinbase to go public.
Ripple CEO Brad Garlinghouse recently said they might leave the United States if they lost the lawsuit against the Securities and Exchange Commission (SEC).
All that happened after they announced their plans to open an office in Toronto, going from 50 engineers to hundreds of employees.
Toronto Mayor John Tory stated that it is essential to make decisions that include the use of innovation. In that regard, that Canadian city is the fastest-growing tech community in North America.
They Put Pressure to End the Lawsuit
The legal dispute originated in 2020 when the SEC regulators alleged that Ripple executives sold USD1.3 million worth of XRP. The federal agency considers the digital asset an unlicensed security.
Ripple stated that it owns many XRP tokens but uses an entirely decentralized network to settle XRP.
According to Stuart Alderoty, general counsel of Ripple, the case might last until 2023.
However, Ripple and the court struggle to resolve the complex legal battle in the short term. Besides, the SEC has used all possible tactics to delay the long-standing dispute further.
Ripple Plans to Expand outside of the United States
Brad Garlinghouse said the SEC contradicted itself by suing Ripple over XRP but allowing Coinbase to go public.
The CEO of Ripple told Axios that Ripple could move out of the United States entirely. They would do that if they lost the lawsuit filed against the company by the SEC.
When asked if he could re-domicile the California-based company to another country, he said they would.
Garlinghouse commented that the world is working as if they have already lost the case, with a few exceptions. He added that nothing would change if they did not win the lawsuit against the SEC.
The executive concluded that the government prevents potential innovation when setting policy through punitive enforcement measures rather than on paper.
Observers have said that the case would not only decide the fate of Ripple but would also shape the future of the crypto sector. Besides, losing the case could mean other crypto companies leaving the United States for other more friendly countries.
Ripple Plans to Explore IPO after the SEC Lawsuit Ends
According to Brad Garlinghouse, Ripple will seek a public listing after completing the litigation.
The CEO of Ripple argued that they were at a point on the scale where that is possible. He also said their business would continue to grow once they get through that lawsuit with the SEC.
Garlinghouse told news television network CNBC that Ripple expects certainty and clarity from the regulator. He has constantly insisted that the United States introduce proper regulations for crypto assets.
XRP is trading at around USD 0.351 and has accumulated a 9.0% gain over the last seven days. While its daily trading volume is above USD 975.71 million, its market capitalization is about USD 17.13 billion, according to CoinGecko.
By Alexander Salazar
