Ripple CEO Brad Garlinghouse has revealed that the company has been exploring options for an IPO outside the United States. He attributes this decision to the difficult relationship with the US Securities and Exchange Commission (SEC).

At the World Economic Forum in Davos, Switzerland, Garlinghouse expressed concerns about the stance of the US Securities and Exchange Commission. Despite Ripple’s interest in going public, the company has temporarily put its IPO plans on hold amid the ongoing legal battle with the SEC.

“Hostile regulator” SEC and “political liability” Gensler

Going public in the United States with a very hostile regulator that has approved your S-1 doesn’t sound like much fun to me,” Garlinghouse said. You know, Coinbase apparently had their S-1 approved and now the SEC is suing them for things that were described in their S-1.”

Garlinghouse emphasized that SEC Chairman Gary Gensler made the environment the worst: “I think SEC Chairman Gary Gensler is a political liability in the United States.”

“And I think he’s not acting in the interest of the citizens, he’s not acting in the interest of the long-term growth of the economy, and I don’t understand that,” Garlinghouse said. “I think there will be a new chairman of the SEC at some point, and I think that will be a good thing for the American people.”

Ripple is considering an IPO outside the US

Due to the “hostile” environment the regulator has created, Garlinghouse has said the company is considering an IPO outside the US. “We looked at other jurisdictions where there are clear rules,” Garlinghouse said.

However, he also explained that Ripple does not need a mandatory IPO for its development. “Frankly, a lot of people go public because they need to raise capital,” Garlinghouse said. “Ripple is not really in a situation where we need to raise capital.”

“It’s not a short-term priority. “We are of course keeping this option open and will examine it,” he added.

As for the crypto market in 2024, Garlinghouse expressed his optimistic expectations. “I am very optimistic about the crypto market in 2024,” Garlinghouse said. “We focused on solving real problems for customers, not just the speculation cycle.”

Crypto exchanges with the lowest fees 2024