Brad Garlinghouse, the Chief Executive Officer of Ripple, has said that the company may not launch its IPO in the US until Gary Gensler is handling the Chair at the US Securities & Exchange Commission, that is, the SEC. However, this does not rule out the possibility of an IPO, as Brad has hinted at the possibility of doing so outside the US. He justified this by saying that the ongoing regulatory environment under Gary Gensler makes it highly unlikely for them to launch an IPO.
The current legal battle between Ripple and the agency stems from the Commission’s determination to impose a $2 billion penalty for their XRP sales, while Ripple is determined to maintain the confidentiality of its financial data, hence keeping it confidential. This legal battle between the two has only gained attention in the market. A verdict could mark a pivotal moment for the market for two reasons. First, it could help keep Ripple’s IPO within the region. Second, the XRP ETF could go live in the market.
Garlinghouse made this statement while attending the 2024 Consensus Event. During Gary Gensler’s tenure, he stated that the IPO was not exactly their priority. He has not sought his resignation, per se, but signals are pretty clear that he wants to keep their progress or shift it out of the country.
He has also criticized Gary’s stand on the crypto market, saying that it does not support a progressive outlook.
The legal battle may not have had a greater impact on Ripple. This is because the shares have risen from the previous year’s high of $35 to the current value of $50.69. This reflects a growth of 1,242%, which has an effect on XRP. The token is down by 0.48% in the last 24 hours and 2.86% in the last 7 days, but future predictions are optimistic.
If anything, the community is looking forward to the launch of the XRP ETF in the near future. They believe that the approval of Ether ETF will pave the way for more crypto ETFs to enter the market. This includes SOL and XRP among others. Brad Garlinghouse has even predicted that Spot Ether ETF approval could raise the collective valuation to $5 trillion.
He has further hinted that the approval of other crypto ETFs was not about whether it would happen or not; it was about when it would happen.
All advancements in this field are crucial, regardless of the geographical region. This is because crypto enthusiasts want to boost the adoption of digital tokens and upcoming ETF launches. Hong Kong, for one, has come up with a plan to ban unlicensed crypto exchange platforms. It has even taken action against xWhale, DFX Labs, and PantherTrade, to name a few. This demonstrates that authorities are constantly acting to secure the market, safeguard investors, and recognize those who genuinely want to operate and serve.
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