Brad Garlinghouse, CEO of Ripple, said the company would leave the U.S. if the SEC wins the case.
Image Source : Coindesk
According to a new report from Axios, Garlinghouse says the company will suspend operations in the U.S. if it loses an SEC lawsuit filed in late 2020 alleging the issuance of XRP as unregistered securities.
Garlinghouse said :
It’s not what we can do, we do.
The CEO was quoted as saying that if a San Francisco-based company left the U.S., it would more or less do what it has done since the case began.
Given the way the world works now, with a few other exceptions, the incident seems to have been lost… So if we lose, if Ripple loses a deal, what’s going to change?
Garlinghouse’s comments came after Ripple opened an office in Toronto, Canada, which had previously stated that most of its growth was coming from outside the United States.
Garlinghouse recently said it was inconsistent when it approved Coinbase’s S-1 initial public offering (IPO) less than a year after the SEC filed a case against Ripple.
When Coinbase went public, which really wasn’t that long ago, Coinbase was trading XRP. They enabled consumers and businesses to trade XRP. The SEC had to approve their S-1 such that Coinbase could go public.
The SEC now seems to be in that position when they sue us. Hey, XRP is security and always has been. However, although Coinbase is not a registered broker, they have approved Coinbase for publication.
Therefore, there is little contradiction here, as the SEC knows within its own organization with the left and right hands. ”
XRP changed hands at $0.36 at the time of this writing, up 1.5% on the day.