Ripple could leave the United States

Ripple CEO Brad Garlinghouse indicated that if they lose the lawsuit with the SEC they would leave the United States.

Brad Garlinghouse, CEO of Ripple, said at the Collision technology conference, that if they lose the lawsuit against the Securities and Exchange Commission (SEC) they will leave the United States.

"If we lose our case with the SEC, we will leave the United States entirely."

Incidentally, this all comes after Ripple announced plans to open an office in Toronto. Initially adding 50 engineers and growing to hundreds of employees.

Now, the Collision technology conference was called the fastest growing in North America. And it was held from June 20 to 23 at the Enercare Center in Exhibition Place.

According to Toronto Mayor John Tory: “This event is an important opportunity for people to interact with decision makers. Also, learn more about Canada's innovation community. And see firsthand why Toronto's tech community is the fastest growing in North America."

They push to end the lawsuit

To recall, the dispute originated in 2020, when regulators alleged Ripple executives sold $1.3 million of the company's XRP digital asset, which the SEC considers an "unlicensed security."

However, Ripple maintains that although it owns a large number of XRP tokens, the network used to settle XRP transactions is completely decentralized.

Interestingly, according to statements by Stuart Alderoty, Ripple's general counsel, the case may possibly last until 2023.

However, Ripple and the court are working hard to resolve the complex legal battle as soon as possible. The SEC, on the other hand, has been using every tactic at its disposal to further delay the long-running dispute.
Ripple could expand outside the United States

As a fun fact, Brad Garlinghouse said that the SEC contradicted itself by suing over XRP and then allowing Coinbase to go public.

Currently, Brad Garlinghouse indicated to Axios at the Collision conference in Toronto that Ripple could move out of the United States entirely if it loses the lawsuit filed against the company by the SEC.

Specifically, "Not that we can, we will," was Brad Garlinghouse's response, when asked if he could re-domicile the California-based company to another country in case he lost the case.

"If you think about how the world is working right now, it's like the case is lost, aside from a few other exceptions. So if we lose, if Ripple loses the case, does anything change?”

In fact, the CEO concludes by pointing out that when the government sets policy through punitive enforcement measures rather than on paper, it ends up preventing potential innovation from seeing the light of day.

In closing, observers have pointed out that the case would not only decide the fate of Ripple, but will shape the future of the crypto sector. On the other hand, if they lose the case, it could mean other crypto companies leaving the United States, for other more friendly sites.

I close with this phrase from Brad Garlinghouse: "Let's be clear about what we are trying to regulate."