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News

Ripple To Hire 80% Of Its Workforce Outside The US Amid SEC Lawsuit Continues

September 13, 2023 - Around 2 mins mins to read

Key Points:

  • Ripple Labs plans to hire over 80% of its workforce outside the U.S. as it faces a prolonged legal battle with the SEC over XRP.
  • The SEC seeks legal clarification amid differing court opinions on whether XRP transactions meet the Howey test for investment contracts.
Ripple Labs Inc. is shifting its focus internationally, with over 80% of its hiring this year set to take place outside the United States. The decision comes as the crypto payments company continues to grapple with a protracted legal battle against the U.S. Securities and Exchange Commission (SEC).
Ripple To Hire 80% Of Its Workforce Outside The US Amid SEC Lawsuit Continues

According to Bloomberg, Ripple’s CEO Brad Garlinghouse, several overseas jurisdictions like Singapore, Hong Kong, the UK, and Dubai are actively partnering with the cryptocurrency industry, offering clear regulatory guidelines and fostering growth.

Garlinghouse expressed optimism about the company’s prospects in these regions, despite having spent well over $100 million on legal fees. He noted:

“You have a government that has unlimited resources to keep fighting a fight they’ve already lost.”

The SEC recently filed a motion in the Southern District of New York, seeking clarification on its lawsuit against Ripple Labs. The SEC cited conflicting opinions within U.S. courts regarding the application of the Howey test—a legal assessment used by the SEC to determine if a transaction qualifies as an investment contract and thus constitutes a financial security.

In a significant development, a July summary judgment ruled that Ripple’s XRP sales to institutional investors breached securities laws, but sales on public exchanges to retail investors did not.

Amidst this legal turmoil, Ripple Labs announced its acquisition of Fortress Trust, a crypto infrastructure startup based in Nevada. This strategic move grants Ripple a regulatory license in the state, potentially opening up new avenues for the company in the U.S. market.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Brad Garlinghouse

Fortress Trust

Ripple

SEC

XRP

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Ripple To Hire 80% Of Its Workforce Outside The US Amid SEC Lawsuit Continues

Key Points:

  • Ripple Labs plans to hire over 80% of its workforce outside the U.S. as it faces a prolonged legal battle with the SEC over XRP.
  • The SEC seeks legal clarification amid differing court opinions on whether XRP transactions meet the Howey test for investment contracts.
Ripple Labs Inc. is shifting its focus internationally, with over 80% of its hiring this year set to take place outside the United States. The decision comes as the crypto payments company continues to grapple with a protracted legal battle against the U.S. Securities and Exchange Commission (SEC).
Ripple To Hire 80% Of Its Workforce Outside The US Amid SEC Lawsuit Continues

According to Bloomberg, Ripple’s CEO Brad Garlinghouse, several overseas jurisdictions like Singapore, Hong Kong, the UK, and Dubai are actively partnering with the cryptocurrency industry, offering clear regulatory guidelines and fostering growth.

Garlinghouse expressed optimism about the company’s prospects in these regions, despite having spent well over $100 million on legal fees. He noted:

“You have a government that has unlimited resources to keep fighting a fight they’ve already lost.”

The SEC recently filed a motion in the Southern District of New York, seeking clarification on its lawsuit against Ripple Labs. The SEC cited conflicting opinions within U.S. courts regarding the application of the Howey test—a legal assessment used by the SEC to determine if a transaction qualifies as an investment contract and thus constitutes a financial security.

In a significant development, a July summary judgment ruled that Ripple’s XRP sales to institutional investors breached securities laws, but sales on public exchanges to retail investors did not.

Amidst this legal turmoil, Ripple Labs announced its acquisition of Fortress Trust, a crypto infrastructure startup based in Nevada. This strategic move grants Ripple a regulatory license in the state, potentially opening up new avenues for the company in the U.S. market.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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