In the most recent update, Ripple Labs announced that they plan to hire 80% of their new employees from countries outside the United States because Ripple continues to face legal challenges from the U.S. Securities and Exchange Commission (SEC).
Ripple’s Chief Executive Officer Brad Garlinghouse said in a Bloomberg interview that in jurisdictions such as Hong Kong, Singapore, the UK, and Dubai, “governments are partnering with the industry and you’re seeing leadership, they’re providing clear rules and you’re seeing growth.”
The SEC, led by Chair Gary Gensler, has become more strict with digital assets after a market downturn in 2022, resulting financial troubles like the FTX exchange going bankrupt.
Gensler believes that most cryptocurrencies should be treated as securities and regulated by the SEC.
The SEC had taken legal action against Ripple in 2020, claiming that the XRP token should have been registered as a security.
Brad Garlinghouse, Ripple’s CEO, said that the company has spent over $100 million on legal fees.
“You have a government that has unlimited resources to keep fighting a fight they’ve already lost,” he said adding that he is optimistic about the current situation in the case.