Brad Garlinghouse – Ripple’s chief executive officer – revealed in a recent interview with Bloomberg that 80% of the crypto firm’s employees will be hired from outside the United States this year.
Recall that the entity is in an ongoing legal battle with the US Securities and Exchange Commission (SEC). The latter accused the former of violating the law by conducting an XRP sale years ago, classifying the venture’s native token as an unregistered security.
Ripple targets countries with ‘clear rules’
Garlinghouse said the majority of the new employees Ripple plans to hire by the end of 2023 will not be in the United States. He pointed to areas such as Singapore, Hong Kong, Dubai and the United Kingdom where “governments are partnering with industry and you’re seeing leadership, they’re providing clear regulations and you’re seeing growth.”
On the other hand, regulatory hurdles in the world’s largest economy have hampered the San Francisco-based organization’s operations in its homeland.
The US SEC launched a legal battle against Ripple in 2020, alleging that Ripple raised funds through the sale of digital assets known as XRP in an unregistered securities offering to investors in the US and around the world in 2013.
The lawsuit has recently reached a point that benefits the blockchain firm. As cryptopotato Reported in mid-July, a US judge ruled that most of Ripple’s XRP sales were not offerings of investment contracts.
SEC hits back
Despite registering a historic court victory almost two months ago and having the upper hand in the battle, Ripple’s victory is far from decisive as the watchdog has formally filed an appeal against the decision.
Its dissent focused on two particular XRP sales classified by the court as “programmatic” (which were offered to public buyers) and “other distributions.”
It is worth noting that Judge Torres has already determined that the previous process did not violate securities laws.
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source: cryptopotato.com
