Ripple CEO Explored IPO in Markets Beyond the US, but Puts Plan on Hold

Ripple CEO Explored IPO in Markets Beyond the US, but Puts Plan on Hold

Ripple CEO Explored IPO in Markets Beyond the US, but Puts Plan on Hold

The CEO of Ripple, Brad Garlinghouse, has stated that the company is exploring the possibility of conducting an Initial Public Offering (IPO) in markets outside of the United States, attributing this to the “hostility” of regulatory agencies. However, Garlinghouse stated that Ripple has temporarily shelved any IPO plans.

Garlinghouse previously stated in 2022 that Ripple would explore going public after the lawsuit with the U.S. Securities and Exchange Commission (SEC) is resolved. However, during an interview with CNBC at the World Economic Forum (WEF) held in Davos, Switzerland on Tuesday (16th), he stated that Ripple has been “exploring other jurisdictions with clear listing rules.” Due to the actions of the SEC, his company has not yet gone public in the United States.

S-1 is a document submitted to the SEC prior to an IPO in the United States, which outlines the company’s financial performance and key risks associated with investing in the company. Coinbase has gone public in the United States, but it was still sued by the SEC last year, accused of operating as an unregistered broker-dealer and exchange.

If a new chairman is appointed at the SEC, the possibility of going public will be reconsidered.

During the interview on Tuesday, Garlinghouse also referred to SEC Chairman Gary Gensler as a “political burden” and believed that a new chairman would be appointed at the SEC, at which point his company might consider going public in the United States.

According to Garlinghouse, Ripple will evaluate the possibility of going public “over time,” but he also made it clear that going public is not a top priority for Ripple.

Reuters reported earlier this month that Ripple has been buying back shares from shareholders. Garlinghouse confirmed this and stated that the company has repurchased $1 billion worth of shares to date. He stated,