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Ripple CEO Halts IPO Plans in USA; “Hostile” SEC to Blame?!

Published by
Nidhi Kolhapur

Well, this is a shocker! Brad Garlinghouse, Ripple’s CEO, has announced a temporary suspension of the company’s plans for an initial public offering (IPO) in the United States. This decision comes as Ripple faces a complex regulatory landscape, prompting a strategic reassessment.

Here’s some more insight into his decision.

Regulatory Challenges

Garlinghouse shared that Ripple is currently grappling with what he calls a “hostile” regulatory environment in the U.S., leading the company to explore alternative markets for its IPO. He emphasized the importance of seeking international markets with clearer and more predictable regulatory frameworks due to uncertainties and hurdles presented by the U.S. Securities and Exchange Commission (SEC) under Gary Gensler’s leadership.

Using the legal challenges faced by Coinbase, even after obtaining S-1 approval, as an example, Garlinghouse highlighted the troubled environment. Expressing dissatisfaction with the SEC’s approach to crypto regulation, he referred to SEC Chair Gary Gensler as a “political liability.”

No IPO Plans!

Garlinghouse promptly clarified the situation, confirming the temporary pause on Ripple’s immediate plans for a U.S. IPO. However, he hinted at potential reconsideration in the future, especially when new regulators take charge at the SEC, stating that “at some point, Gary Gensler won’t be the Chair of the SEC.”

Share Buybacks

Despite the temporary pause, Garlinghouse emphasized that going public in the U.S. is not an immediate priority for Ripple. Demonstrating dedication to long-term investors, Ripple recently conducted a strategic share buyback, repurchasing over $1 billion of its stock to enhance shareholder liquidity.

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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