thecryptobasic.com
Ripple CEO Brad Garlinghouse has hinted that the company is considering overseas jurisdictions for its potential IPO, asserting that it makes no sense to go public in the U.S.
Garlinghouse gave this hint during an interview at the 2024 Consensus conference hosted by CoinDesk. The interviewer asked the Ripple CEO a point-blank question about whether going public is on Ripple’s agenda.
No IPO Under Gary Gensler
In response, Garlinghouse noted that conducting an initial public offering (IPO) is not on Ripple’s immediate agenda. He attributed this stance to the U.S. SEC leadership under Chairman Gary Gensler. He noted that Ripple’s S-1 registration statement for IPO has to be approved by the regulator, and he is skeptical of a positive outcome.
Earlier, the president of the New York Stock Exchange (NYSE), Lynn Martin, expressed openness to applications from crypto-related companies like Ripple. However, Garlinghouse contrasted Martin’s forward-thinking attitude with that of SEC Chairman Gensler.
Specifically, he commended Martin as a shining example of the direction the industry should be heading but lamented that Gensler’s position does not align with this progressive outlook.
As a result, Garlinghouse concluded that it would be unreasonable for Ripple to consider a U.S. IPO under the current circumstances, saying, “Going public in the United States for Ripple right now doesn’t make any sense.”
A pseudonymous XRP enthusiast called attention to the Ripple CEO’s statement in a recent post on X.
🧐 BRAD GARLINGHOUSE ON A FUTURE #IPO ➡️ "IT´S NOT ON OUR IMMEDIATE TERM AGENDA." ➡️ "LYNN MARTIN (PRESIDENT OF #NYSE) I THINK IS A PROGRESSIVE EXAMPLE OF WHERE WE SHOULD BE – THAT´S NOT WHERE #GENSLER IS." ➡️ "WE´VE LOOKED AT, YOU KNOW, WHEN WE CONSIDER GOING PUBLIC OUTSIDE THE… https://t.co/AmZzbqaD5I pic.twitter.com/PnsMB1LYUw
— XRP DROPZ (@DROPZXRP) May 31, 2024
Coinbase Likely Regreting U.S. IPO
In addition, CEO Brad Garlinghouse supported his viewpoint by referencing the situation with Coinbase, the leading U.S.-based exchange. He pointed out that the SEC had previously approved Coinbase’s IPO statement, which detailed its business operations.
However, the regulator later pursued legal action against the exchange, accusing it of enabling the trade of purportedly unregistered crypto assets, contradicting the earlier approval. Garlinghouse suggested that, in hindsight, Coinbase might be regretting its decision to go public in the U.S. due to the SEC’s subsequent actions.
IPO Outside the U.S. is on The Cards
Consequently, Garlinghouse mentioned that Ripple is considering the prospect of launching its IPO outside the United States. He indicated that exploring international options for going public is among the potential strategies Ripple may pursue in response to the current regulatory environment.