Key Takeaways:
- Ripple CEO Brad Garlinghouse said that losing the case might impact the cryptocurrency sector.
- The firm previously declared that it would have a presence in Toronto, Canada.
- XRP, the native coin of Ripple, was seen trading at $0.3542.
While the Securities and Exchange Commission (SEC) has been hammering the cryptocurrency business, Ripple’s Chief Executive Officer (CEO), Brad Garlinghouse, made headlines today by outlining the company’s course of action should the SEC prevail in court.
Ripple will leave U.S. if case fails, says CEO Brad Garlinghouse https://t.co/vyTaCtxWTq
— Lucinda Shen (@ShenLucinda) June 24, 2022
Ripple To Leave America
When asked by Axios at the Collision Conference in Toronto whether the California-based firm would relocate if it lost the case, Garlinghouse said that it is not a matter of if they could, but rather that they would.
Garlinghouse has long indicated that most of the company’s growth has occurred outside the United States. Since the regulatory authority initiated the complaint, the corporation has been on its international activities.
In addition, Garlinghouse said:
“If you think about how the world is operating right now, it’s as if the case has been lost other than a few other exceptions… So if we lose, if Ripple loses the case, does anything change?”
Although around 300 of the firm’s 700 workers are located in the United States alone, they would be harmed if the company closed its doors in the country.
Alternatively, if the corporation were to win the case, it would not have to kill its cash cow since the United States has the potential for enormous expansion.
Related articles:
Ripple Claims A “Very Big Win” In The SEC Lawsuit
Good for Ripple Lawsuit? SEC Emails Suggest Conflict of Interest in Crypto Regulation
XRP Lawsuit: Ripple Is Ready For A Big Win Against The SEC
XRP Conquers the Bears
In contrast to the rest of the crypto market and altcoins, XRP has not been recovering as quickly as other cryptocurrencies such as Polygon, Avalanche, and Cardano.
XRP could only increase by 19.43% from its monthly lows, and it ended up falling by about 5% over the previous three days.
At the time of writing, this positioned the cryptocurrency 81.56 farther from its all-time high of $1.965, trading at $0.3543.
