Summary
Ripple CEO Brad Garlinghouse stated that an initial public offering (IPO) in the U.S. is not a priority due to a “hostile” securities regulator. He referred to Coinbase’s S-1 approval followed by a lawsuit from the Securities and Exchange Commission (SEC) as an example. Garlinghouse mentioned that Ripple had explored IPO options outside the U.S. but has put those plans on hold. He emphasized the importance of shareholder liquidity and stated that Ripple had been cash flow positive for the past few years. The ongoing lawsuit between Ripple and the SEC regarding XRP’s status as an unregistered security has been sent to trial. Garlinghouse also commented on the current SEC Chair, Gary Gensler, and expressed the belief that a new chair would be beneficial. The article also provides an update on the SEC’s lawsuit against Coinbase and outlines potential outcomes for the ongoing case.
Key Points
1. Ripple CEO Brad Garlinghouse stated that an IPO in the U.S. is not a short-term priority due to a securities regulator that is perceived as “hostile” towards the crypto industry.
2. Garlinghouse referenced Coinbase’s recent SEC lawsuit as an example of the regulator’s actions towards crypto companies and expressed reluctance to subject Ripple to further hostility.
3. While Ripple previously considered a public listing outside the U.S., Garlinghouse mentioned that raising capital is not a pressing need for the company, making an IPO currently a lower priority. However, he emphasized keeping the option open for evaluation in the future.