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Ripple Labs may be in arguably the most intense SEC battle in its history, but it won’t compromise its goals. Recently, the blockchain firm revealed its mission to launch an Initial Public Offering once the SEC saga wraps up.
CEO Brad Garlinghouse disclosed to CNBC amid the current World Economic Forum that the crypto firm will consider floating an IPO in the US. However, it will only be possible once they go past the SEC lawsuit.
Garlinghouse says it’s time for the firm to consider floating an IPO in the US a possibility. He believes that an IPO in the US should be the next focus and hopes the lawsuit will end to enable them to push forward with their plan.
Garlinghouse Hopes SEC Will Not Be a Hindrance
While sharing his plan, Garlinghouse hopes the regulatory commission will not instigate anything to slow down its push for its IPO. The blockchain company referred to the SEC’s delay tactic, which it has been using in its legal battle with the firm.
The idea to go public was conceived a long time ago after Coinbase went public in April last year. Coinbase’s listing is a significant influence on Ripple’s desire to go public.
Garlinghouse believes the ongoing battle with the SEC will be resolved this year, and the verdict ruled in Ripple’s favor. However, analysts think the move is ambitious, considering the unfavorable market condition.
The cryptocurrency market has been bearish for most of the year. The interest hike, inflation, and the war in Ukraine are partly the causative factors. Therefore, it won’t be a great move to launch an IPO.
The US Still Behind in Regulations
Brad Garlinghouse also commented on the regulatory status of the United States. The Ripple boss said the country is behind other developed countries in providing crypto regulatory clarity.
“With adequate and clear regulations, the crypto industry will be more efficient and safer for investments,” he said. Currently, the US leads in global crypto adoption.
Ripple functions with the help of XRP, which facilitates international payments. However, the firm said the coin has not impacted business, despite the market slump caused by the legal battle with the SEC. Ripple said the majority of its business is not in the US.
Ripple posted impressive On-Demand liquidity of $8Bln in its first quarter. This is 8x higher than the $1Bln recorded in the same period in 2021.