San Francisco-based fintech firm Ripple will not be taking on many new employees in the United States amid its ongoing war on crypto. Instead, the cross-border payments company will be seeking talent in friendlier jurisdictions overseas.
These were the comments from Ripple CEO Brad Garlinghouse in an interview with Bloomberg on September 13 in Singapore.
Ripple Expanding Overseas
Garlinghouse said that more than 80% of crypto hiring for Ripple this year will be outside the US.
“Governments are partnering with the industry and you’re seeing leadership, they’re providing clear rules and you’re seeing growth,” in jurisdictions such as Singapore, Hong Kong, and Dubai, he said.
The opposite is happening at the company’s home in America. The Securities and Exchange Commission has taken it upon themselves to regulate the industry by enforcement and litigation.
Read more: Web3 Jobs: How to Get a Job in Crypto Sector
When asked whether there will be a change in the US, Garlinghouse said:
“I think there will be some shift as you see new administrations come in. Eventually, Congress will be ‘called to act.’”
At the moment, Congress is making slow progress and procrastinating in developing legislation to clarify the status of crypto.
Regarding the firm’s own battle with the federal regulator, Garlinghouse said Ripple has spent well over $100 million in legal fees. He added that he remains optimistic about a victory, adding:
“You have a government that has unlimited resources to keep fighting a fight they’ve already lost.”
On September 12, SEC chair Gary Gensler reaffirmed his stance on digital assets despite the recent court losses.
In testimony to the Senate Banking Committee, Gensler blamed the crypto industry’s difficulties on non-compliance with securities laws.
“Given this industry’s wide-ranging non-compliance with the securities laws, it’s not surprising that we’ve seen many problems.”
Bloomberg ETF analyst James Seyffart commented on the mounting Gensler backlash.
“Tons of senators are going after Gensler for the avalanche of rule proposals in his admin that do not have the backing of Congress.”
XRP Price Outlook
XRP has wiped out all gains it made following the firm’s partial victory against the SEC in June. This week, the asset fell back to $0.47, which is where it was trading on July 13, just before the court ruling.
Following the victory, XRP spiked to $0.85.
XRP was trading flat on the day at $0.475 at the time of writing.
The cross-border payments token has lost 11% over the past fortnight as altcoins get crushed. Moreover, it remains down 86% from its January 2018 peak of $3.40.
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