The legal battle between Ripple and the SEC has intensified as Ripple seeks to keep its financial data confidential amidst the SEC’s pursuit of $2 billion in penalties related to Ripple’s XRP sales.
Amidst of this Ripple CEO Brad Garlinghouse drops hints about considering overseas jurisdictions for a potential Initial Public Offering (IPO) during an interview at the 2024 Consensus Event. He argues that given the current regulatory climate, a U.S. IPO doesn’t make any sense.
When asked about the listing of Ripple IPO at the 2024 Consensus conference, Garlinghouse mentioned that an initial public offering (IPO) is not a priority for Ripple at the moment, citing the U.S. SEC’s leadership under Chairman Gary Gensler as a significant obstacle.
He pointed out that Ripple’s S-1 registration statement for an IPO needs SEC approval, but he doubts a favorable outcome. Even he criticized Gensler’s position, stating that it does not support a progressive outlook.
Consequently, Garlinghouse concluded that pursuing a U.S. IPO is not sensible for Ripple under the current circumstances, saying, “Going public in the United States for Ripple right now doesn’t make any sense.”
Recent data from Linqto indicates that Ripple’s pre-IPO shares are currently trading at $50.69, significantly higher than last year’s $35. This represents a 1,242% increase in Ripple’s valuation. Such a substantial rise could positively impact the price of XRP, although there is little historical data to accurately predict the scale of this impact.
As of now, XRP is trading at $0.52 after a recent drop. If XRP’s price were to increase by the same 1,242% as Ripple’s shares, it would reach $6.63.
Furthermore, Brad Garlinghouse states that with the approval of the spot Ethereum ETF he believes the market is headed toward a staggering $5 trillion valuation.
Although, he confidently stated that the emergence of XRP, SOL, and other cryptocurrency Exchange-Traded Funds (ETFs) is not a question of if, but when.
Beyond discussing ETFs, Garlinghouse also revealed Ripple’s plans for institutional DeFi development. This initiative aims to introduce multi-purpose tokens, further expanding the utility and versatility of the Ripple ecosystem.
In doing so, Ripple seeks to position itself at the forefront of innovation within the cryptocurrency industry.
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