Ripple Might Float Potential IPO Outside the United States


Ripple is allegedly considering organizing a potential Initial Public Offering (IPO) outside the United States. Brad Garlinghouse, its CEO, hinted at the possibility during an interview at the 2024 Consensus conference hosted by CoinDesk. To the interviewer’s question about Ripple’s plan for an IPO, Garlinghouse clearly stated that it isn’t a priority at the moment and that it made no sense to launch the offering in the U.S.

NYSE Forward-thinking VS SEC Stiffness Towards Crypto 

Lynn Martin, the president of the New York Stock Exchange (NYSE), encourages crypto-related companies like Ripple to submit an application, citing the openness of the exchange. Garlinghouse applauded Martin, describing him as a shining example for the direction that the industry should be headed. However, Ripple CEO contrasted his forward-thinking stance with Gary Gensler’s stiffness towards digital asset companies. 

He explained how the S-1 application for an IPO has to go through the desk of the Securities and Exchange Commission. With Gary Gensler at the helm of affairs at the Commission, Garlinghouse does not trust that the outcome of is application will be positive. To this end, Ripple might be holding off on the move in the U.S. in the meantime.

SEC And Ripple Over XRP Categorization 

Noteworthy, the crypto payment company and SEC are not exactly in a ‘good place’ at the moment, especially not after Judge Analisa Torres ruled that XRP, the token associated with Ripple, is not a security.

For more than three years, the SEC insisted that XRP was security and, hence, stated that Ripple was involved in the sales of unregistered securities. Judge Torres’s July 13 ruling restored calm to the matter.

The regulator tried to appeal the judge’s decision but met with a roadblock. The case is still ongoing but Stuart Alderoty, Ripple Labs Chief Legal Officer believes strongly that it will end this year.

Ripple Push Business to Other Jurisdictions Outside the US

This move to take the IPO outside the jurisdiction of the United States is not the first time that Ripple is extending its business out of the U.S. and to a significant extent, the regulatory pattern of authorities in the region has contributed to this stance. Ripple has authorization and operate its business in regions like Singapore and Ireland

Last year Major, the firm was specifically granted a Major Payments Institution (MPI) license by the Monetary Authority of Singapore (MAS). 

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