“Ripple CEO: SEC Will Assess Overseas IPO Considerations Only with Change in Chairman”
Ripple CEO Brad Garlinghouse revealed the progress of the IPO at the World Economic Forum, stating that they are currently considering conducting it outside the United States unless the SEC changes its chairman. However, he also emphasized that the IPO is not Ripple’s top priority.
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Ripple considers IPO outside the United States
Considering an IPO in the United States: SEC Chairman Change
IPO is not Ripple’s top priority
Ripple considers IPO outside the United States
Brad Garlinghouse stated that Ripple has considered listing in other “jurisdictions with clear regulations” due to the SEC’s enforcement actions, which prevented Ripple from conducting an IPO in the United States.
He said:
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In the United States, it is not very interesting to try to get approval for your S-1 listing document from a regulatory agency that is hostile towards you. Coinbase, on the other hand, has clearly been approved for listing, and now the SEC is suing Coinbase for the business described in its S-1 document.
Note: An S-1 document is a filing required by the SEC when a company plans to go public. It covers the company’s finances, management team information, etc., aiming to provide transparency to investors for investment decisions.
Considering an IPO in the United States: SEC Chairman Change
Brad Garlinghouse emphasized that SEC Chairman Gary Gensler’s actions are politically motivated, and under such political burdens, the SEC’s actions do not serve the public interest or long-term economic growth.
He believes that at some point, there will be a new chairman at the SEC, which will be a good thing for the American public, and Ripple will consider listing in the United States.
IPO is not Ripple’s top priority
Brad Garlinghouse revealed that going public is not the immediate priority, and Ripple will continue to evaluate it in the future.
Reuters reported earlier this month that Ripple Labs plans to buy back $285 million worth of shares from early investors. Brad Garlinghouse also confirmed this:
“Our investors invested in Ripple for the first time in 2012. They have been involved in this deal for eleven and a half years. We want to provide liquidity, which is one of the reasons why we are conducting these tender offers.”
The SEC did not respond to CNBC’s request for comment.
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Ripple Labs plans to buy back $285 million worth of shares and still does not intend to go public in the United States
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Brad Garlinghouse
Ripple
Ripple
