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Brad Garlinghouse, the Chief Executive Officer of Ripple, disclosed in a recent interview with Bloomberg that 80% of the cryptocurrency company’s hiring this year will occur outside the United States.
It is important to note that the organization is currently engaged in a legal dispute with the US Securities and Exchange Commission (SEC). The SEC has accused Ripple of violating regulations by conducting XRP sales several years ago, categorizing the company’s native token as an unregistered security.
Ripple Targets Nations With ‘Clear Regulations’
Garlinghouse indicated that the majority of new hires Ripple intends to make by the end of 2023 will not be located in the United States. He highlighted areas such as Singapore, Hong Kong, Dubai, and the United Kingdom, where “governments are collaborating with the industry and demonstrating leadership, providing clear regulations, and fostering growth.”
Conversely, the regulatory challenges in the largest economy in the world appear to have hindered the operations of the San Francisco-based firm within its own country.
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The US SEC initiated legal proceedings against Ripple in 2020, claiming that the company raised funds in 2013 through the sale of digital assets known as XRP in an unregistered securities offering to investors both in the United States and internationally.
The lawsuit has recently progressed to a stage that favors the blockchain company. As reported by CryptoPotato in mid-July, a US Judge ruled that the majority of Ripple’s XRP sales did not constitute an offer of investment contracts.
The SEC Responds
Despite achieving a significant court victory nearly two months ago and holding an advantageous position in the dispute, Ripple’s success is not conclusive as the regulatory body has formally filed to appeal the ruling.
The disagreement centers on two specific types of XRP sales: “programmatic” (which were offered to public purchasers) and those categorized by the court as “other distributions.”
It is noteworthy that Judge Torres has already concluded that the former category did not breach securities laws.
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