Ripple CEO Brad Garlinghouse has suggested that the company is contemplating foreign jurisdictions for its possible initial public offering (IPO), asserting that it would not be logical to go public in the United States.
Garlinghouse made this suggestion during an interview at the 2024 Consensus conference hosted by CoinDesk. The interviewer asked the Ripple CEO directly whether going public is part of Ripple’s plans.
Garlinghouse responded by stating that conducting an IPO is not an immediate priority for Ripple. He attributed this to the leadership of the US Securities and Exchange Commission (SEC) under Chairman Gary Gensler. Garlinghouse expressed skepticism about obtaining approval from the regulator for Ripple’s S-1 registration statement for an IPO.
Previously, Lynn Martin, the president of the New York Stock Exchange (NYSE), had expressed openness to applications from crypto-related companies like Ripple. However, Garlinghouse contrasted Martin’s forward-thinking approach with that of SEC Chairman Gensler. He commended Martin as an example of the industry’s desired direction but criticized Gensler for not aligning with this progressive outlook.
As a result, Garlinghouse concluded that it would be unreasonable for Ripple to consider a US IPO under the current circumstances, stating, “Going public in the United States for Ripple right now doesn’t make any sense.”
A pseudonymous XRP enthusiast highlighted the Ripple CEO’s statement in a recent post on X.
Furthermore, CEO Brad Garlinghouse supported his viewpoint by referring to the situation with Coinbase, the leading US-based exchange. He noted that the SEC had previously approved Coinbase’s IPO statement, which outlined its business operations. However, the regulator later took legal action against the exchange, accusing it of facilitating the trade of allegedly unregistered crypto assets, contradicting the earlier approval. Garlinghouse suggested that, in hindsight, Coinbase may regret its decision to go public in the US due to the SEC’s subsequent actions.
Therefore, Garlinghouse mentioned that Ripple is considering the possibility of launching its IPO outside of the United States. He indicated that exploring international options for going public is one of the potential strategies Ripple may pursue in response to the current regulatory environment.
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